Unlocking the wealth potential within your own property is a popular move among many Perth homeowners.
Zoning changes are enabling many people to unlock investment opportunities in their backyards by building a house behind a house (otherwise known as a rear strata), or a townhouse, duplex or townhouse development.
Pursuing such development opportunities allows you to unlock the development potential of vacant and unused land rather than leaving it empty earning you nothing.
Once the development is complete you have the option of renting the properties out, selling them or living in one.
Options for building in your backyard include:
- Keeping your current home and building in your backyard.
- Demolish your existing home and develop the entire property.
Benefits of developing your backyard:
- If you do your research and carry out a feasibility study, developing your property can be a profitable venture.
- It can generate multiple rental incomes. If you subdivide and create a duplex or triplex development, you can double or triple your investment income.
- You can remain living in your existing home while renting out the new home(s).
- You are making money out of a larger backyard, which otherwise is mostly unused.
- You can sell your exciting house and pay off your mortgage and put it towards another property to realise your dream of downsizing, or moving to an area you have always dreamt of.
Can I develop my backyard?
The experts at Summit can help you in your journey to find out if this development opportunity is right for you.
The team specialise in subdivisions, including triplex, strata and duplex developments and are able to assist you in determining the best way to maximise your site’s potential.
They can discuss the regulations of the Residential Design Codes of Western Australia, commonly known as ‘R-Codes,’ and what developments your local council permits.
Thank you to Summit Homes Senior Development Consultant Ewan McConnell for your tips for this blog.