Do you have a large backyard in your premises? If so, you can make use of this vacant space in a productive manner. All that you have to do is build a residential plot which is abutting your premises. This dual occupancy house will fetch you rent and naturally, it will be a substitute to your income. Yes, this is a productive investment because in cities like Sydney and Melbourne, the value of dwelling units has increased by about 11.3% as compared to increase during 2016. Naturally, it will also add value to your property.
Liquidate the hidden value:
Therefore, it can be said that by building the dual occupancy homes, you actually liquidate the hidden vacant land abutting your premises. The new house you so construct can be either in the backyard or front. The design of such a house will depend on the space available and all the other related factors.
If your premises are located on a corner site, then the dual occupancy building will enjoy the benefit of a road on the frontage. Naturally, such a building will fetch you reasonably higher rental. Also, the dwelling houses on the corner site have a higher real estate value.
Norms of the local council:
Building dual houses should be in strict compliance with the norms of the local council. For example, according to the norms, if the total area of the vacant land is 1000 m2, then the floor space ratio shall be 0.4:1. if the vacant land is more than 1000 m2, then the floor space ratio shall not exceed 400m2. In addition to this, you will have to also comply with the norms of the local environment plan (LEP) and development control plan (DCP). The house builders Melbourne market has today will guide you on matters relating to complying with the norms of the local council.
If you are planning to build a dual home, then you may look for any of the Latitude 37 home builders and start the work at the earliest possible time. As already said, the capital market is quite encouraging and it would be an ideal time to invest in such a venture. Further, for building a dual accommodation you make use of the existing vacant land. Therefore, your investment will be limited to the construction of the dual house and you will not spend towards the land cost.
Look for frontage:
On the other hand, if you are buying a vacant land with an intention of constructing dual accommodation, then you may have to carefully consider the frontage. According to the norms existing in Australia, dual accommodation will be allowed only on vacant lands with a frontage of 18 to 20 meters. Further, for building dual accommodation you will have to subdivide the land although you may not create a separate equity for each of these dwelling units. The new home builders Melbourne market has today will provide you all the necessary inputs regarding construction of dual accommodation.
Find popular builders:
It is always ideal to make the best use of vacant land by constructing dual accommodation plots. But, the need of the hour is to look for experienced and popular builders like the http://www.l37.com.au/why-l37/dual-occupancy/. Such builders will guide you appropriately and also construct the building without compromising on the quality.