Thinking about building a Dual living home for your extended family?
Take a look through this newly completed home which has been designed for a couples elderly mother to live with them but so everyone has their own space and independence.
Do you need independent living for elderly parents or helping out adult children who refuse to leave the nest or a teenage retreat? The Grace 3 Dual Occupancy floor plan is a great option or the OJ Pippin Homes consultants can help you to choose another dual living design to suit your needs.
So let’s take a look at some of the major dual living benefits …
Helps with mortgage payments: If you’re looking to build a new home or investment property, or currently paying off an existing home and you’re worried about the rising cost of living, this strategy is a guaranteed winner. For just a little bit more in your building or you can now introduce a rental income stream that can help you pay off your home much faster and with less stress.
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. Dual Living environment they can now fund their retirement from their 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. They can stay in their family home but dramatically reduce their workload in terms of upkeep on the property.
Helps gain some privacy: With so many young adults now staying at home for longer it’s also an attractive option for gaining some more privacy. Parents who want some time and space to themselves. It also gives their children more privacy and can still bring in an income by charging some reasonable amount of rent.
Helps maximise your returns: Building Dual Living rental property makes excellent commercial sense. Consider a house that may rent for $600 per week as a single occupancy home. Now compare that to a Dual Living property where the two rental areas now rent for $375 each per week. You’ve just increased your rental income by $150 per week!
Easily reversed: And perhaps the greatest benefit of all is that a Dual Living design can easily be turned back into a single living property, regardless of whether it’s a renovation or a brand new home. So if you’ve paid off your mortgage, or your children have finally moved out and you want to return to living by yourself, a simple renovation can return your property to a single living one, giving you the benefit of the extra space.
No matter how you look at it, Dual Living designs make a lot of sense. They can work for properties where granny flats are not an option; 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 discuss creating a purpose built new Dual Living home that can easily be transformed back into a single living property in the future.
(07) 3889 7838