Dual Occupancy Offers Solutions, When the only Constant in Life is Change
Some optional extras that seemed like a good idea at the time are never fully utilised, like a fold up cup holder on a ride-on mower but a trend toward dual-key apartments that cater for any unforeseen shift in living conditions arising from the inevitable reality that change is the one constant in life, now that’s gold. The versatility and adaptability of your living space and income potential give you more control and immediate solutions when dealing with the uncertainty of life and its changes.
Dual occupancy can describe many different dwelling types from student accommodation with shared living area and key locked bedrooms to larger homes sectioned off to allow subleasing of separate portions including private access, then the more recognised suburban duplex including various legal and under the radar versions rented to family members and understanding tenants. Dual occupancy and dual key options are increasingly being offered to investors in apartment buildings and holiday accommodation homes as they offer increased investment and lifestyle advantages.
Developers are pursuing this niche with a growing percentage of new apartment buildings like Sydneys cutting edge Central Park offering 33% of units as dual key apartments. Investment in student accommodation is also on the rise with projected returns of 7.5% being advertised by marketers.
Prudent developers understand the importance of market research in regards to product and location. Careful consideration should be given to market demand as this is not a case of “build it and they will come”. Design of the actual dwelling requires careful consideration to address access, privacy and most importantly safety and liveability to ensure residents needs are not only well catered for but enhanced to create maximum market demand from both tenants and investors. A creative development design team must take into account all of these ingredients while working with the site attributes and constraints, best use of land under current zoning, market demand and feasibility to deliver with healthy profit margins. Then think outside the box to meet a higher market demand and improve feasibility if possible taking into account the chances of development approvals increased time and holding costs.
If you get it right, They will come….. and reward you handsomely for your efforts
Opportunity abounds for those who are prepared and a major part of the prep will be to gather a team of trusted professional partners with the skills and experience to complement your own because with proper research the rewards are satisfying in more ways than one.
Never be so busy making a living that you forget to make a life, then together, we can make this world a better place.