Dual occupancy homes are quite trendy, particularly in Australia’s suburban neighbourhoods, for many reasons. While many investors seek out dual occupancy homes to maximise rental yields and to increase the sluggish housing supply (compared to overwhelming demand), they are ideal for many other purposes including as a small cosy place to retire in.
Young retirees and seniors alike often look to downsize during or in anticipation of retirement, either due to an empty nest where the children have moved out or simply to keep cleaning and maintenance costs more affordable in a smaller home.
Here are some reasons why retirees should consider a dual occupancy home:
Financial Stability in Your Golden Years
For many, retirement requires a careful balancing of available financial assets with a new lifestyle and making adjustments wisely. As with all adults, including retirees, housing will almost always be the single biggest expense so planning on where to live out your golden years could be one of the most impactful decisions in retirement planning.
Financial stability is essential in most stages of life and it’s certainly a big one for most retirees since they are by definition no longer in the workforce and sources of income may either completely dwindle or be limited to non-work related activities.
Dual occupancy homes can bolster financial stability by providing the owner with a source of rental income from one property whilst living in the other – or alternatively, living elsewhere whilst renting out both properties. Moreover, the property itself will almost certainly appreciate in value and can be resold at a later date. Indeed, both properties can be resold, or one or both can be passed down as inheritance.
Practical for Most Retired Lifestyles
Dual occupancy homes typically sit on subdivided land that was formerly one large property from the Builders generation, back when homes tended to be lavishly large by today’s standards with large verandas and perhaps even a smoking room. Most younger generations see little need for these spaces and can get by with smaller properties, especially with declining birthrates and smaller families than those of the past.
As a retiree, it simply makes sense that you probably don’t want to have to clean a large house and one or more guest rooms that are used perhaps once every couple of years. Gardening, landscaping, and many other tasks that you may outsource all add up so it becomes a lot more sensible to downsize to something smaller and more manageable.
This doesn’t mean you have to break up a family unit, however, and there is also a growing trend of adolescents who aren’t leaving home the moment they become legal adults. Indeed, multi-generational living is a sign of more challenging economic times but it does have many upsides as well. Dual occupancy homes can allow you to live near (or even right next door to) your elderly parents, your children, or other family members as temporary accommodation until they can make a down payment on their own home.
Inherent Benefits of Dual Occupancy Home Ownership
Last but certainly not least, dual occupancy homes have benefits that affect senior retirees just as they would any other buyer or investor. They offer simplification of legal matters pertaining to one or both properties, and potential tax benefits, they improve the housing supply in much-needed and often highly desirable areas, and they offer immense versatility and flexibility.
In terms of location, dual occupancy homes in suburban areas offer a cosy and quiet neighbourhood to live in whilst being near public transport and central areas for shopping and leisure.
Trevor Homes
Consider Trevor Homes for dual occupancy home retirement.
