The Australian housing market is understandably leading many young first-time homebuyers towards more affordable alternatives than a traditional family home. The high asking prices are enough of a deterrent, but there is also a growing demand for more modest living spaces for smaller families without sacrificing on privacy, e.g. living in apartment blocks.
There have long been granny flats built on properties, but in recent years, many have been drawn to truly alternative living arrangements, such as remodelled shipping containers, tiny homes, caravans or even vans, and others. Some of these are excellent alternatives for the more adventurous and young folks, but they perhaps aren’t ideal for long-term living.
Dual occupancy homes straddle a nice line between being alternative enough to a standard home whilst not sacrificing some of the basic amenities one should rightfully expect from a home. Here are a few reasons why you should consider investing in a dual occupancy home as an alternative form of living:
They Optimise Land Use
Many of the older homes built in the post-war period were quite spacious and adequate for the much larger family sizes of the past. Today’s families are smaller, and a lot of rooms and space on these properties aren’t needed, yet you still have to pay the full price tag to acquire these homes.
Dual-occupancy homes make much better use of these large plots of land, either by fitting two comfortable homes on the plot or by subdividing it into two plots. Depending on the initial size of the land, it’s usually very possible to have two separate homes with enough privacy and space for all of the essentials.
They Are More Flexible Financially
There’s no telling what will happen in the coming years with Australia’s hot housing market, but in all likelihood, those who currently own property will see their equity increase as housing has historically done in difficult times.
Dual occupancy homes, on the other hand, offer much more flexibility and potentially even higher returns on initial investment because one or both properties can be rented out. Tenants can boost cash flow and offset the downturns in the event of a vacancy, all while you have the flexibility of living in one unit and renting the other one.
They’re Ideal for Multi-Generational Living
Unlike in apartments, where space is often at quite a premium and where there is often insufficient outdoor space for children, pets, or even adults, dual occupancy homes offer adequate space and can accommodate extended family members.
They tend to be a little smaller than a traditional home, but through the clever usage of shared common spaces, e.g. a kitchen near a living room, it’s still possible to build sufficient indoor and outdoor space to keep a few more family members.
They’re Looking Very Promising for the Future
The trend of dual-occupancy home development in Australia is showing no signs of slowing down, and one could even say that they are a natural response to a tightening housing market and changing economic and demographic conditions.
Newcomers to Australia, especially those with families, may not want a tight little apartment and may value the comfort of a dual occupancy home for rent.
Is it Worth Investing in a Dual Occupancy Home?
Investments are always a personal decision, but generally speaking, housing remains one of the best long-term investments. Amongst accommodations, dual occupancy homes look quite promising for the future and can be an excellent investment.
Trevor Homes
Invest in dual occupancy living with Trevor Homes.
