There are plenty of reasons why you should consider a dual occupancy development. A dual occupancy project is an exciting way to maximise land and may help you reach your financial goals or achieve your ideal lifestyle sooner than you may have thought.
Don’t just take our word for it though – here are four customers who completed a dual occupancy project with DualOcc by Metricon explaining why they chose dual occupancy and how it helped them realise their development goals.
Stay in the area you love
Chris and Nicole live in the suburb of Cheltenham, located in south east Melbourne. They’ve been living there for 21 years – but it was time to find a home better suited to their family’s needs.
The problem was – while they loved their existing home as it contained plenty of memories, it just didn’t make best use of their block of land. Like many cream brick homes built in the 1950s, the property had a huge yard, but a small home.
However, they loved where they lived. The location was great – near family, schools and most importantly, the beach. Not wanting to move, but also mindful that another renovation was going to come in with a hefty price tag, they started to explore their options. Enter DualOcc by Metricon.
“The ability for us to stay in the area that we wanted and to get the home we wanted in an affordable manner made dual occupancy worthwhile,” Chris says, “the return on investment was far greater than knocking down our old home to build two homes rather than renovating.”
Maximise your block of land
Lisa and her family of five purchased a Californian Bungalow in bayside Melbourne with the intention of renovating it to make it their family home. They started the process, got the plans drawn up and then it hit them – the renovations weren’t going to solve the true problem.
The existing home was simply set too far back on the block. The land out the front of the property was being wasted, and they couldn’t utilise it by renovating.
“It was a bit ridiculous,” Lisa explained, “it made the block seem short even though it wasn’t, and there was no aspect of backyard living. So, we decided we needed to maximise the space and use the setback to its full potential.”
Lisa’s story has similarities to Chris and Nicole’s – both families had existing homes on big blocks, with too much yard space and not enough home. Dual occupancy homes are an effective way to make best use of the space, without sacrificing outdoor living or losing the features you love in your home. They also have the added bonus of creating a second rental or sale asset for financial gain.
Double or triple your portfolio
If you’re keen to build a property portfolio, a dual occupancy project is an excellent option if it fits within your budget. The reason? You’re not just adding one home to your catalogue – you’re adding two or more.
Take Denis – a financial advisor based in Victoria – who had a block of land in Hampton. After discussing with his partner what they should do with their land, they decided DualOcc by Metricon was their best option.
Denis told us that they “wanted to build a portfolio of property, maximise that piece of land, maximise the rental and maximise the potential growth.”
A dual occupancy project ticked all of Denis’s boxes – but it’s particularly attractive when you consider the income you could generate from rent, having double or more income streams than from a single dwelling.
Two auctions are better than one
No two investment strategies are the same – and for Shane and Bridget, rental yields were never part of their game. Instead, they build their dual occupancy projects with one goal in mind – to maximise the return on investment at auction.
Dual occupancy homes are exciting for investors, as they maximise the land value and allow you to sell more than one home. If you find the idea of building multiple homes daunting, there's no need to worry. When you build with DualOcc by Metricon, you partner with professionals who are there to guide and assist you on every step of the journey.
Shane and Bridget are onto their fourth DualOcc by Metricon development, commenting on how seamless and carefree the process is with Metricon. Shane believes it's easy to build a home when you don't plan on living in it, so working with the council and getting plans approved becomes less stressful.
We were lucky enough to follow Shane and Bridget along their third dual occupancy project. If you’re considering a DualOcc by Metricon development, check out The DualOcc Diaries for a first-hand customer account.
