Building a new home opens you to many opportunities. Constructing a duplex is just one of the possibilities with a lot of potential. But, is it a good idea? Or are you better off just building a single-occupancy home?
Custom duplexes offer the chance to build your home, plus it’s possible to create a way to bring in more income and get a higher return on your investment.
The key to determining whether building duplexes or Dual occupancy homes is a good idea is to consider the benefits and how they might apply to you.
A duplex offers income potential, which can help cover the cost of the mortgage each month, as well as a higher return when you’re ready to sell since you can sell each part separately.
While this option may not be right for everyone, it’s definitely a good investment idea and something for anyone building a home to consider.
Before the Duplex construction begins, there are many things to consider. Think about the area where it’ll be located to make sure there will be growth in the future.
Make sure you’re building in an area that will continue to see growth, as this helps you get more income while you own it and a higher return when it’s time to sell.
Think about the cost to ensure it is affordable for you. Take the time to look into taxes and other financial considerations before making any decision.
It may be beneficial to speak with experts to learn more about the impact the investment can have on your finances. While this has the potential to be make money, be sure it does make financial sense for you specifically. Our duplex more than happy to chat with you about your options.
You have the chance to bring in extra money each month when you Build a duplex in Sydney. These funds can be used for anything you’d like. While you do have to manage the properties, this can be easier to do if you live in one and rent the other.
The amount of cash you can bring in depends on whether you rent one or both units, how much you ask for rent, taxes paid, and a variety of other factors.
You’ll receive money for renting one or both of the units. Part of that can be applied to the mortgage. It is important to save some money aside for repairs and maintenance, though the exact amount can vary. However, the profits from the rental can be used to pay down the mortgage.
Depending on how quickly you pay it down, you may be able to save a significant amount of money in the long run.
After the Duplex home builders complete the construction, you can decide if you’d like to live in one unit and rent the other or if you’d like to rent both of them. Renting both can provide you with a higher income, but that can be canceled out if you pay to rent somewhere else. You may not make as much if you live in one of the units, but managing the property is easier and you can have some extra money coming in from your tenant.
A major benefit of investing in a duplex is the ROI you may be able to see when you sell. Even if you sell it shortly after it’s constructed, it may be possible to get a higher ROI compared to selling a single-occupancy home.
If you split the property into two separate ones and sell each unit, you can get a lot more for each one, since you’re now selling two properties. It is important to look into the financial details carefully to see how high of a return is possible.
Another benefit that leads many owners to consider a duplex is how easy it can be to keep their family close.
Those with elderly loved ones may want to have them nearby, but the loved ones still want to live on their own. A duplex is a fantastic way to make sure they’re nearby, but to enable them to still have privacy and independence. This can allow them to continue living on their own longer, as there will be someone nearby who can help if necessary.
Building a duplex can provide many opportunities, so it’s definitely an investment worth considering.
It offers a potentially high ROI, even soon after construction is complete, additional income if one or both units are rented, and many other benefits. Depending on your situation, this may be the perfect investment opportunity.
Enquire with Kobo Projects today, the leading Duplex builders in Western Sydney, to learn more about how to get started.
Kobo Projects are one of the leading residential and commercial builders in Sydney, taking immense pride in our approachability, quality craftmanship, eye for precision, and client focused approach to building. You can trust Kobo to build your dream.
