If you’re in the market for your first home but also want to make an informed investment in real estate, a dual-occupancy residence can be a viable option. With a dual occupancy dwelling, you and your family will be sharing a home with someone else. What are the benefits and drawbacks of this arrangement?
We hope this post will help you discover the solution you’re looking for! The pros and cons of this type of housing are discussed in detail in the next section.
The Pros
The benefits of investing in this particular sort of property are numerous.
Suitable for Any Location
Let’s take Australia as an example, and see what we can learn from it. In addition to an aging population, many people are looking for affordable housing after losing their homes in the recent fires. As a result, many people opt to construct these double dwellings in peaceful settings such as farms.
Next, they have the option of splitting the cost of construction with the people who will occupy the second residence or building it entirely on their own and renting it out. Visit studiohmd.com.au if you’d like to learn more about the professional building services available to you.
There Are Opportunities to Earn Money
You may do a variety of things to profit financially from owning two properties under one roof. Choosing between two options is a difficult one. The first is to lease both properties at the same time; the second is to live in one while renting the other.
The Cost of Upkeep Is Minimal
Residents of these properties may only have to pay one set of bills because they live on a single estate, which has lower upkeep costs. Smaller properties don’t necessitate maintaining a garden, and newer appliances are more likely to survive longer if you acquire or build a new home.
An Excellent Option for Senior Couples
In addition to saving money by splitting their time between two locations, they will be able to create their own personal paradise in their backyard. Gardening is a favorite recreational activity for many senior citizens, which means they will be able to raise their own vegetables and fruits.
You’ll Be Charged a Single Strata Fee
As for the most important benefit, you’ll simply have to pay one strata fee instead of several. Because you’re saving money by purchasing two homes instead of one, this option may be more appealing to you. A further benefit for first-time homebuyers is that they can make money from their purchase.
Dedicated Areas
Dual occupancy properties allow both partners the ability to retire to an area where they feel most at home. In any home, there will always be a place where one person can go to relax and unwind, whether it’s a bedroom, den, or “man cave.”
Having a quiet place to relax after a long day at school or work can be really useful.
The Cons
While there are many benefits, there are also some drawbacks that should be considered.
Interaction with Others
Choosing a property with numerous rooms has its drawbacks, including a lack of social interaction among all of the people living there. In large homes or flats, it’s easy for couples to isolate themselves from one another when they’re feeling stressed or lonely.
In a relationship, this type of behaviour might lead to serious issues.
You Can’t Sell Both
Anyone who plans to build or buy a piece of land should realise that they can’t sell it on their own. As a result, they’ll have to be sold as a set. However, someone was able to identify a workaround for this problem. There are a number of people that decide to combine the two living spaces so that they may sell the house as a single unit.
When it comes time to sell your new dual occupancy house, you’ll be able to do so by following the steps outlined above. As a result of this, you will be able to sell the property for more money. Don’t forget to keep your yard in order as well, as this might improve the value of the entire property.
Responsibilities are shared
Having to maintain a shared space is one of the main drawbacks of living in a dual occupancy. Cooking, cleaning, and other errands around the house fall under this category.
When one side does not feel that they are providing an equal contribution to the property, this idea becomes much more difficult.
Less Private
Your yard and a wall will be shared with others, so you may have less privacy than you are accustomed to. To avoid causing a disturbance, you may want to limit the number of people you bring over or the volume at which they listen to your music.
Summary
With a dual occupancy dwelling, you and your family will be sharing a home with someone else. The benefits of investing in this type of property are numerous. Take Australia as an example, and see what we can learn from it. Suitable for Any Location
Dual occupancy properties allow both partners the ability to retire to an area where they feel most at home. Because you’re saving money by purchasing two homes instead of one, this option may be more appealing to you. While there are many benefits, there are also some drawbacks that should be considered. One of the main drawbacks of living in a dual occupancy property is shared responsibility.
