If you have never invested in a property development before and are unsure about affordability and where to start, a duplex could be your perfect place to start.
A duplex is also the ideal choice if you are short on time and are keen to begin your property developer journey fast.
But first of all, what is a duplex?
Essentially, it is a residential building comprising two homes divided by their own separate walls.
If the homes exist on one land title, they will be owned and sold together.
If the homes have separate titles, each home can be individually owned and sold.
Kicking off your property development journey by building a duplex, enables you to save on fees and charges, while giving you a taste of how property development works and what is involved.
First and foremost, working out your budget is an important first step and speaking to a finance expert can help guide you on fees, charges and depreciation, if you plan to rent your duplexes rather than selling them.
The team at Summit can offer expert advice at what type of duplex development will work for your block.
The team specialise in subdivisions and offer unrivalled expertise to make your development dreams a reality.
Benefits of building a duplex
Double your wealth
Two houses gives you the chance to build your wealth through two income streams from the one lot of land.
Developing a duplex allows you to either sell both homes and make a profit, keep them both as rental properties to give you a steady revenue stream, or sell or rent one and live in the other. The choice is yours.
Duplex developments allow downsizers, first homebuyers, renters and retirees to stay closer to the CBD. More often than not, they cost up to half the price of a similar house. A duplex has the benefit of location for less cost.
There are so many innovative choices of house plans when it comes to duplexes. Many have a front elevation similar to a big house, which creates great street appeal and better market value.
A duplex offers the ease of a lock and leave lifestyle with significantly less property maintenance required than your typical home. You can create a small, low upkeep garden without the worry of spending hours maintaining a big garden.
Thank you to Summit senior designer Adrian Johnson for your tips for this blog.