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Building a Duplex: Tips and Tricks

Investment property in Australia is a hot commodity; Not only can you increase your real estate investment portfolio, but you can also use your investment property to earn additional income for your family. One of the ways to accumulate investment property is to buy or build a duplex or other dual-occupancy property. A double occupancy residence can be self-contained or semi-attached, such as an apartment above the garage or a separate building on a property. When building a duplex, the advice and suggestions of those who have been in your situation are of immense help before and after you begin the construction process.

Know the law

Building a duplex, or grandmother’s apartment, requires knowing a little about real estate law. You cannot build any structure without proper permits and you should never build any structure for investment purposes without first consulting with an accountant about the tax you must pay on the sale of the duplex or on the money you earn as rent for the duplex.

Meet all council building requirements

Additionally, your duplex must meet all relevant and required structural, height, floor space, and other restrictions before it can be built. This requires making a plan of the structure and including all the relevant details of the building. However, you can add an existing structure to make it a duplex or build a completely new structure on an empty lot.

What will you use the duplex for?

Before beginning the construction of your duplex, there are a number of other factors that you should consider. The first is what you plan to use duplex for. Many people often take advantage of these granny flats as a way to care for older family members.

The addition of a grandmother’s apartment, or duplex, gives you the space and privacy you desire, as well as the closeness needed to care for your elderly parents or grandparents. Others use their granny apartments as an apartment for recent graduates looking to move house for a little more privacy; Since many graduates cannot afford a place of their own until school is over and jobs are secured, parents are allowing their children to stay in their duplex while they go to school. The situation is beneficial for both parents and their adult children.

Your other option is to rent the duplex to someone other than your family. This investment method generates income by renting your grandmother’s apartment to someone with a contract that requires you to pay a fixed amount of rent each month.

Why choose a duplex?

Duplexes add value to your home when you decide to sell. Adding a separate home is something buyers see as an improvement, which also allows them to use the structure for investment purposes in the same way that they do before choosing to sell their home.

These double occupancy homes are perfect for investment reasons, in-laws, visitors, older relatives, or your children when they are old enough to move out of their primary residence.

Tips and Considerations

Now that you have made the decision to build an apartment or duplex on your property, you should follow some tips and tricks. The first is that you always include the necessary accommodations to the duplex. You will get more money and more potential tenants based on the comforts of the duplex.

Furthermore, the structure cannot be considered a duplex if it does not have a bathroom, kitchen and living room. You can make the structure a “studio” type building, which has a bathroom and kitchen and the rest of the living area is used as a living room, dining room and bedroom. However, the larger your duplex, the more potential tenants you will have. At least one bedroom will earn you much more in monthly rent than a studio duplex.

Another consideration is access to your home. If you are going to attach the duplex to your home and use it as a rental or investment property, you don’t want your tenants to have access to your home, which means that you have to make sure the duplex has an exterior door of its own and does not have access. to your house.

Design

Consider using building materials that are strong and visually appealing. Paint the duplex in a neutral color that most people will find attractive. If you plan to allow children or pets to live with their families, you might consider a hard floor, such as wood or tile, and avoid light-colored carpets that get dirty and stained easily.

Talk to the right professionals

Always get advice from the right people before building a duplex! Talk to your accountant, carrier, attorney, and mortgage broker. They will help you make informed decisions.

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