Which investor would pass up an opportunity to earn two incomes from a single property? This is exactly what dual occupancy properties have to offer. By definition, a dual occupancy property or a dual income investment is a property that allows an investor to earn two incomes by creating two separate rental contracts. These properties could be found in the form of a duplex, a granny flat, a dual occupancy property or a dual-key property. Each of these property types are designed to generate two rental incomes. However, they differ in their cost, presentation and the appeal they have for buyers and renters.
A granny flat is a smaller sized dwelling (about the same size or even smaller than a studio apartment), attached to an existing property. These are a popular choice among investors as sometimes they do not require the approval from the council for constructions. If you look at markets such as Sydney, they have become highly popular in many homes located in suburbs.
A duplex is made up of two adjoined properties on the same title or, it can also be a residential building divided into two dwellings. Duplexes may be sold as individual properties but investors choose them as a way of generating greater income from a single plot of land. Most duplexes are made up of identical residential units.
As for dual occupancy properties, these are also similar to duplexes as they are also made up of two properties on one plot of land. Not all dual occupancy properties are adjoined. Sometimes, in rural areas, they may even be located far apart in a large plot of land. However, the properties do typically share driveways, entrances and other such infrastructure.
Dual key properties are properties that are designed with floor plans that allow a certain portion of the residence to locked off for using separately. The residents in each portion of the property share common facilities such as the main entrance but they have their own kitchen and living quarters.
Depending on your preferences, investment capabilities and limitations, choosing any one of these dual income property options is definitely a good idea. Here, at Capital Wealth Property, we provide a range of special services related to dual income property investment. Contact us today for top notch expert advice on choosing the ideal dual income property to suit your exact needs and income goals.