Maximise returns with two incomes on one property
This has got to be an investor’s dream scenario. A Dual income property is definitely part of your portfolio mix. In fact, Property and Finance Solutions recommend having a dual income property as your first investment for cash flow reasons. Dual income properties include Duplexes, Dual Occupancy and Dual Key.
Dual Occupancy and Dual Key Properties are a relatively new concept and are highly sought after. They make for a very attractive investment option because they provide a higher yield by generating rent from two dwellings on one title. The configuration will depend on Council bi-laws, town planning guidelines and will vary from Council to Council.
Many people are familiar with the concept of a Granny flat. A Dual Occupancy Home is your main dwelling and integrated ‘Granny Flat’ all under one roof and one title. It offers a great solution to home owners as well as investors. You may choose to live in one section of the dwelling and independently accommodate family members in the other or you may wish to rent both sides out separately on the open market.
Dual Key properties provide two separate self-contained residences located within a single dwelling that are on one title. There is generally a common or single entrance with separate lockable doors to each residency. Both residences can be leased out separately or you may choose to occupy one.
Duplex Properties are similar to dual occupancy homes and offer the additional benefit that each dwelling can be individually strata-titled. There is usually a cost involved to strata the property and this can be arranged either with the builder at a cheaper cost or alternatively, the investor may do this at a later stage when desired. The advantage of a duplex is that each half can be sold individually. The dwellings may be attached by a rated firewall or detached and they have separate external entrances.
Duplex dwellings are again highly sought after and Property and Finance Solutions has access to these through their extensive network of builders and developers. Please bear in mind that if a duplex does become available, there is usually a waiting list of investors keen to snap these up. So it is first in with a holding deposit and signed contract that secures the property.
Dual Occupancy Investment properties have two dwellings on a single title. There is a main dwelling consisting of 3 or 4 bedrooms, and an auxiliary unit of 1 or 2 bedrooms. The dwellings are attached by a rated firewall which insulates against fire and noise. They have separate external entrances and fenced back yards to maintain privacy.
Both residences can be leased out individually or you may choose to occupy one and rent out the other.Both sides of the dual income investment property are separately metered, i.e. gas, water and electricity. This makes it very easy for property managers to rent the properties.
Property and Finance Solutions sources well-priced, high quality Dual Occupancy homes for sale in growth areas in NSW and SE Queensland from quality builders and developers. We do not deal with builders that cut costs on inclusions and quality of materials and finishes to offer a cheaper product.
Buying cheap may be attractive in the beginning. In the long run, cheap ends up being more expensive. Keep your tenants happy with higher quality standards and you, as an investor will reap the benefits from peace of mind and higher, consistent rental income.
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