You may have heard that the three most important things in real estate are location, location, and location. Not everyone wants to live in the middle of nowhere, nor does everyone want to live in the middle of Australia’s large CBDs. Some people prefer living in vibrant suburban neighbourhoods with amenities like schools nearby for children, while others prioritise tranquil living in rural settings.
Naturally, this means that your specific preferences for location (in terms of where to build a dual occupancy home) will likely differ quite a bit from someone else’s. Here are a few quick tips on how to narrow down a good location for your dual occupancy home:
01. Make Sure Local Council Regulations Permit Dual Occupancy Homes
First and foremost, your choice of location will highly likely be dictated by where you are and where you aren’t permitted to build dual occupancy homes. Many local planning authorities in states and territories across Australia have zoning restrictions, and planning permissions may be hard or even impossible to obtain for dual occupancy homes in specific zoned neighbourhoods or areas.
The good news is that dual occupancy homes are quite popular and many local councils are quite keen on permitting them, but it’s always important to make sure that your preferred city or region will allow you to build in your preferred area.
02. Consider Your Ideal Lot Size
Remember that a dual occupancy home is going to be two homes, attached or detached, sitting on land you must own. What’s important to keep in mind is that the land must be subdivided, and in doing so, you run into constraints on frontages, things like easements, minimum distances from adjacent properties, and other considerations.
Most large lots can be subdivided so long as planning permissions are given and the arrangement is practical. Many lots (even large ones) might not qualify for subdivision and may have irregular shapes or insufficient dimensions to permit your ideal home to be built.
03. Get Acquainted with the Neighbourhood
Nothing quite beats personal experience when it comes to finding the right location for your home. If it’s an area you’re already familiar with, you’ve got a head start. But if it’s a neighbourhood or area you think you might like, it’s always good to pay a visit to see it first hand.
Popular places to visit might not turn out to be great places to live, or you might find some services to be lacking (if you’re moving from a city to a regional area), so spending a little time there can give you a better impression of what it’s like to live there.
04. Try to Get an Idea of the Local Real Estate Market
Many people invest in dual occupancy homes as a place to live in, treating the other unit either as a granny flat or, as is often the case, renting it out to a tenant. Still others invest in these homes to rent out both units.
This stresses the importance of understanding the local real estate market and, in doing so, can give you a better idea of fair rental yields in that area. Moreover, a good and safe area can be a good indicator that the home could have great resale value and be attractive to prospective tenants.
05. Consider Your Budget
Of course, one of the most important factors for many prospective homebuyers is the price, and that’s certainly the case when developing a dual occupancy home on vacant and subdivided land. Speaking of which, there will be costs in time and money on acquiring subdivision and planning permissions, scheduling construction, and negotiating with key stakeholders throughout the process.
All of these costs could balloon out of control if approached without caution. Choosing the right home developer, on the other hand, can keep costs within your budget and ensure that the dual occupancy home is within schedule.
Trevor Homes
Choose Trevor Homes for dual occupancy homes.
