It’s called Dual Living and it’s taking the concept of the ‘Granny Flat’ to a whole new level. Essentially this is a converted purpose built dual living home which was an existing home that has been converted it into two separate homes, each with its own entrance and facilities like laundry, kitchens, toilets, bedrooms, living and outdoor areas etc. But unlike a granny flat, you’re not building a separate structure; you’re simply purchasing a newly renovated existing one. Think about the savings that this opportunity offers in terms of construction costs as well as permits and approvals.
Helps fund retirement: A lot of people lost money in the recent Global Financial Crisis. Recent retirees and those approaching retirement age are now left with a lot less than they had before. But in a Dual Living environment you can now help fund your retirement from ongoing rental income. And the fact that many retirees need less space once their family have grown up and moved on only makes this option more attractive. You can stay in your family home but dramatically reduce your workload in terms of upkeep on the property.
Helps maximise your returns: A Dual Living rental property makes excellent commercial sense. Consider a house that may rent for $350 per week as a single occupancy home. Now compare that to a Dual Living property where the two rental areas now rent for $620 per week. You’ve just increased your rental income by $250 per week!
No matter how you look at it, Dual Living designs make a lot of sense. They bring in another stream of income that can help offset the rising costs of living as well as helping you pay off your mortgage. They are also a brilliant option for investment properties where more renters mean more dollars.
So if you’re concerned about the rising cost of living, or you simply want to create a new income stream and build your way to a property empire contact us today to explore the options of this Dual Living property.