A duplex is a building with two separate homes that share a common wall. Such a living arrangement has two different entrances and two different houses with completely different living spaces. The only aspect that connects them is this dividing wall in the building. This type of property ensures each residence maintains their privacy, and can benefit from a quality living space at a lower cost. A duplex can be custom built by dual occupancy builders to have any specialised design, shape and size that you are looking for. This article from LBD Homes in Melbourne, provides in-depth information on the advantages of building a duplex, and tips on choosing the right builders to help you with the job.
Types of Dual Occupancy Builders in Melbourne
A dual occupancy property is a unique type of property where the land might have one title, but there can be multiple dwellings and other types of construction on the property. A dual occupancy property is often referred to as a multi-dwelling property. A dual occupancy in Melbourne is quite an appealing housing option for students, young professionals and the older generation. This type of property is extremely appealing to investors as well, since they can profit a great deal from it. There are many different types of dual occupancy properties as listed below here:
- Granny flats/ rear units: This is an ideal type for dual occupancy builders in Melbourne, whereby there is a small unit typically located in the rear yard of the property. It must be noted however, that it would require council approval to build and accept tenants in the dual occupancy situation.
- Dual Occupancy: A dual Occupancy consists of two properties which are adjoined and share a common wall. This dual occupancy in Melbourne is typically separated into two different properties and are often sold or leased separately.
Essential Tips on Dual Occupancy builders
Dual occupancy properties like duplexes are very popular amongst different Victorian investors, since they effectively reduce the cost and increase the profit of the property. Here are several tips to help effectively construct this type of property:
- It is important to have a solid plan in place prior to dual occupancy builders commencing the job.
- The best approach is to first spend some time trying to understand what you are trying to achieve with the new construction by dual occupancy builders. Focus on understanding the best plan for your specific scenario, talking through all the major points with your dual occupancy builders.
- Some of the common reasons dual occupancy builders build this type of property are for renting, selling and investment purposes. It is often built by family members as well, to help share living space in some manner.
- Dual occupancy building development is a good method to maximise the potential of the property. LBD Homes can help you to understand how to make the most out of your property.
- Land-owners can receive better financial benefits from building this type of property since it offers a double dwelling, with two different tenants paying rent.
- Dual occupancy builders in Melbourne are experienced with the complicated process of turning your property into a multi-dwelling. It also tends to take longer and require a higher level of expertise and knowledge of the type of approvals and planning process required. This is why it’s always best to consult with the experts at LBD Homes when looking for dual occupancy builders in Melbourne.
- Some of the other tasks involved can include documentation for construction, application for a building permit, demolition of an existing dwelling, and more. All of these tasks require a great degree of detail and expertise, which should be discussed in depth with your builders.
- It is a good practice to be clear about your budget and request that the custom dual occupancy builders provide an estimate for building the dual occupancy home from the onset.
- Extensive research is essential to plan a successful dual occupancy in Melbourne. The main reason for this being that not all properties are suitable for building a dual occupancy Attempting a job where it is not suitable could end up being a very costly mistake that you could have avoided if you had carefully considered all possibilities.
Benefits of Choosing a Duplex in Melbourne
LBD Homes is a boutique design and building company in Melbourne. We have the expertise for custom building and are involved in many different types of services like dual occupancies, house extensions, and major renovations. LBD Homes is one of the best dual occupancy builders in Melbourne, and has the expertise to build the different types of dual occupancies that were previously mentioned. Here are some of the many benefits that come from choosing to pursue a duplex in Melbourne.
- A duplex is no different from a full-sized home when it comes to dual occupancy builders constructing a house with a modern design. The only limitation when building a duplex is your imagination or your budget. Both of these things can be carefully worked through with a professional builder, allowing you to both come to a reasonable solution for your circumstances.
- Dual occupancy builders in Melbourne can benefit from developing a duplex which is highly beneficial since it is easier to find tenants. There is the option of selling both homes, using one unit and renting out the other. There are plenty of other options to pursue with the dual occupancy building, so in this way it is quite a versatile investment.
- It is a quality method of boosting your income by renting them out or selling the units separately in Melbourne.
- Pursuing a dual occupancy in Melbourne is also one of the quickest methods of becoming mortgage free, since you can live in one unit and rent out the other to help pay off your mortgage. This is a highly appealing arrangement that many people would love to take advantage of, particularly if you would like to move beyond renting a property.
- For those with extended family, this is a good method of arranging more space to allow your other family members to stay close by, particularly if they are elderly and may need care on a regular basis
Profiting from Building a Dual Occupancy in Melbourne (Duplex)
A dual occupancy property like a duplex is highly lucrative for an investor since there are many methods of making money from it. The property market is highly sophisticated and there are many different types of investors always looking for the best way to invest in a profitable opportunity. We have listed some of the methods to profit from building a duplex here:
- A duplex is two properties in one block thus increasing the chances of profits from two separate units.
- It provides an investor with multiple sources of generating income in Melbourne.
- This is one of the best options for new property developers who are starting out since it is simpler to design and manage.
- A duplex tends to provide a better rental yield compared to other types of properties like standalone houses, etc.
- If the location is right and the building is constructed well, there is a higher profit potential since you can be receiving two rental payments from a single property.
No matter what stage you are at in the planning process, contact LBD Homes when you require a dual occupancy builders in Melbourne, and we’ll ensure that your vision is turned into a professional and profitable reality. Call us on 1300 523 466 and we can discuss any dual occupancy building or construction query that you may have.