Getting your place to stay in the dream of many and all of us strive hard to get the right one for us.
People have started showing more interest in dual occupancy nowadays since here you get the benefit of building two homes on the block of land. Real estate is considered one of the best investments but you would need to understand which property you should invest into. Real estate is always the best investment when you consider it for the long term. If you are looking for investment in dual occupancy homes then it would be the best decision of your future. Investment into a duplex home could be the big step in your life as the money that you will have to spend is quite higher as compared to the other type of properties.
There are various types of double occupancy homes which you can consider get such as Duplex, Dual occupancy and Dual key property homes. With Duplex home you can create the two properties sharing the same wall. Here one house is divided into two different properties and can be sold individually as well. Dual Occupancy homes are known to be similar to duplex homes. These homes shared common land but not the common walls. With Dual Key property, your house will share the front entrance door with some additional space. Here you can lock the particular space of the property for renting purposes.
Building the Equity
Double Occupancy homes are known to consist of two different properties and hence you would always have two options to deal into. Here you can sell off two different houses at different prices. Hence it would be always considered as your equity. Since the property rates are increasing day by day it would be a benefit for you and for your future to get dual occupancy homes. Even if you decide to sell it off in the future you can always expect a higher amount as compared to the single property.
Get the Extra income
Getting the extra space would always give you the liberty to rent it out. Nowadays there are many options which you can consider for renting purposes such as Airbnb. By putting another property on rent you can always expect the extra rental income. If you are buying this double occupancy home for investment purposes and not willing to stay in it then you can rent out both the properties on rent to earn double rental income through your property. Even if you are planning to sell off the other property then it would be beneficial. This would be an added benefit for the ones who are planning to buy the duplex homes for investment purposes.
Second Dwelling for your loved ones
Getting double occupancy homes would always give you an option to get additional space for your loved ones. Considering the rising rates in property it might not be possible for everyone to buy the house on their own. It might be the case with your parents or with your siblings. So, whenever you are stuck in such a situation you would always have an option to give the additional space for your loved ones. You can get the benefit of staying closer to them.
Paying off the mortgage sooner
We understand buying a home without any mortgage is highly impossible unless you are someone who makes billions every month. If you are planning to buy the double occupancy home then you might have to shell out more money as compared to the single occupancy one. Hence most of us prefer getting the mortgage from the banks. Paying off a mortgage can take years to finish but owning the double occupancy home would give you the benefit of paying the mortgage sooner. Wondering how? You can always consider renting out the additional space and use that additional rental income to fund your mortgage. This way you would be able to clear the mortgage faster. Apart from this, you will get various benefits in terms of tax deductions with the duplex homes. Hence if you are planning to purchase this duplex property for investment purposes then this would be an added advantage for you.