Real estate is one of the most popular investments because of its secured nature. However, it is important to find a property that yields the highest possible returns to draw maximum benefits from your investments. In addition to the short-term gains, you should also consider the long-term productivity of the deal. According to the best residential developers in Melbourne, dual occupancy homes show meaty promise in the present as well as in the future.
Dual occupancy simply means two properties under the same title. These can be constructed side-by-side or one behind the other connective with a walkway or driveway. Such properties have become the hottest deals in real estate and continue to rise. While investing in dual occupancy promises handsome returns, you still need to consider a few things before making the final call.
- Answer all the why and what before taking a leap
Like every other endeavor, you should answer the why and what questions. Ask yourself why are you investing or building a dual occupancy home and what you are expecting from this project. Whether you want to live in one and rent the other or you are looking to rent out both to secure a regular income. Clarity of goals will help you plan and execute the project without hiccups.
- Get the price quotations and understand them
The quotations from the builders are often perplexing. These may look very lucrative at first sight but can lead to chaos and disappointment in later stages. The hidden charges can dig a hole in your pocket. Either you will end up being financially unstable or may have to halt the project indefinitely. Therefore, try to find a builder that answers all your questions and provides clear upfront pricing.
- Find a builder with adequate experience and expertise
Building one home is unquestionably difficult, imagine how tough building two of them will be. Construction of a dual occupancy home is a mountain of a task that you have to surmount. For that reason, you should find and team up with a builder who can take away your stress. Builders with extensive experience in dual occupancy homes will have all the necessary expertise needed to take the weight off your shoulders and deliver quality.
- Do not step ahead without meticulous research
Research is imperative to make an informed decision before investing. Any decision taken in a hast can lead to frustration and even losses in the future. You should carry out thorough market research about the property you are investing in. Gather information about the house, land, orientation, owner, the value of the property, future constructions nearby, and more. Only then you will make a decision that is profitable in the long run.
- Try to get a trusted advisor on-board
Constructing a dual occupancy home is complicated in many ways. This can result in frustration and indecisiveness. To address this issue, you should get an advisor to guide you throughout the process. You can talk to someone in your acquaintance or ask your construction company to connect you with an advisor. In the latter case, make sure your queries are answered by the same person every time you call and are not transferred to multiple people. This will help you build trust and gain confidence in your project.