Whether you’re thinking about becoming a property investor or you’re looking for another property investment, there’s a growing trend you should know about that’s revolutionising the investment into Queenslander real estate.
Brisbane’s movement towards higher density—but increasingly comfortable—housing has revealed the benefits of dual living houses: purpose built and designed housing with all the flexibility of separate homes under the one roof, but much more affordable than a duplex or multiple single properties.
A dual key property takes the concept of the ‘granny flat’ to the next level. It offers benefits many people wouldn’t have considered—which is why it’s fast becoming the new must-have cashflow property.
Two homes for the price of one
While the concept of multiple dwellings on one property is not new, they usually come with a big price tag: you’re either footing the bill for a separate granny flat, or the cost of two properties if you’re buying a duplex.
The main difference with dual occupancy homes is that they’re two homes on one block of land, like a duplex, but you’re only paying for one. Although you can’t subdivide a dual living property, as they can’t be strata-titled, they cost in the ordered of $100,000 less than a duplex.
You can still reap all the benefits of two rental incomes and receive higher returns. Dual living homes can be designed with separate entrances and separate utilities, so they’re completely independent homes that can be leased separately.
They’ll share the same roof like a duplex, but because they’re not strata titled, they’re considered a single property—which means a lower purchase price and lower fees, such as council and water rates.
One of the biggest selling points is the potential for positive gearing that dual living properties offer. Investors are the most frequent buyers and it’s not difficult to achieve a positive cashflow.
If those reasons aren’t enough to convince you of the benefits of dual living homes, you might be sold on saving on the cost of maintaining them. One of the biggest obstacles to holding onto an investment property are the ever-increasing fees and rates that investors need to pay throughout the financial year—and it’s one that dual living properties do away with.
Dual living properties look like a standard family home from the outside, with only the multiple letterboxes indicating anything different. Because the property has a single freehold title, there are no body corporate fees like there are with duplexes or apartments, and you’re only liable for one set of council and water rates.
That’s an enormous financial saving, accounting for thousands of dollars a year that you’re no longer doing without. It is certainly something that improves the extent of your positive gearing and a bright and sustainable property investment future.
Easy conversion to single property
Dual key properties are designed with completely separate outdoor living areas including backyard space and clotheslines. They also have separate laundries, kitchens, indoor living spaces and garages, so they’re completely independent homes connected only by a roof and a firewall.
They also have separate power and water systems. Dual living properties are fast growing in Queensland, and they’re offering a great new opportunity for property investors with their flexibility and affordability.
Contact Property Queensland for more advice on how you can access this amazing financial potential, and we’d love to help you secure a lucrative future income for your property portfolio.