What is a dual key home, or a dual occupancy home?
A dual key home is sometimes referred to as a dual occupancy home, and consists of two dwellings separated by a firewall, built on one block of land. The occupants have separate secure access and the dwelling itself looks like a normal property.
Each unit can be occupied by different tenants similar to a duplex build (ie. they do not need to be related such as with family accommodation dwellings) and can be independently rented out.
How are the residences separated?
Both units have separate power and water meters where one main power will be installed with 2 separate meters to the outside of the dwelling and sub-boards installed in each garage. Each meter is read separately.
The main water meter will be installed as per the usual connection to the allotment with a plumber installing two sub – meters inside the allotment for each dwelling and read separately. Both units will have separate letter boxes / slots and fire separation is included between the dwellings.
In addition, the dwelling cannot be subdivided or community titled at a later date however can usually be restored back to a normal property if desired.
Smart designs
Beautifully designed floorplans to maximise space and create a modern look that optimises every square metre. Dual living should be both practical, economical, and a delight to live in. Attracting quality tenants that want to stay long term.
Why buy a dual key/dual occupancy home?
It used to be that the way to ensure a secure financial future was simply to work hard and build your savings. Today the rising cost of living has put added strain on both individuals and families, with projections for many of us showing that our Superannuation plus personal savings will probably not be sufficient to sustain daily expenses during our retirement.
Investing in property is a popular option for those looking to secure their financial future, due to the strong long-term returns and relatively low risk compared to other forms of investment.
So why are more and more investors looking to building new dual occupancy homes instead of standard homes?
Save on stamp duty
Stamp duty is one of those additional costs in buying a property, but when you choose a new build over an existing home you pay stamp duty on the price of the land only; not the building contract price. This can mean automatic savings of up to $10,000 (or more).
Cut council rates in half
Considering building a duplex? While the attraction of generating two rental income streams is understandable, you also are locked into paying two sets of council rates- one for each title. A dual occupancy home, on the other hand, offers two separate tenanted residences under a single title. So you pay just one set of council rates.
Target an untapped market
Know anyone with older relatives looking to downsize? Have they been considering building a granny flat on their own property to help them out? How about those who are sick of commuting to work and would find a separate office space adjoining their home absolutely invaluable
How many young families do you know that can’t afford full-time childcare and are only able to make ends meet by having grandparents care for their children at least part of the week? A dual occupancy home could be the perfect solution for all of these prospective renters.
Browse some of our dual occupancy home designs here. You can see for yourself all the different options that are available for tailoring your investment property to fit the right renters for you.