Loved by a growing proportion of Victorian owner-occupiers and investors alike, dual occupancy involves building multiple homes on one block of land, effectively maximising land costs and increasing your potential profits. That said, to make the most of your new builds, there are some important considerations to keep in mind before you dive in.
Knockdown Rebuild & Dual Occupancy Manager, Richard Hobby, has helped many customers with their projects. Here, Richard shares his top tips for a successful and stress-free dual occupancy build.
1. Understand what you are trying to achieve with your build.
Side-by-side duplex and townhouse dual occupancy designs suit a range of needs and goals, but it’s important you understand your objectives before you dive in. Are you looking to build and occupy one home while renting or selling the other? Perhaps you’re planning to share the cost of a block of land with a family member or friend? Or will both dwellings end up under the auctioneer’s hammer?
Read more: Step by step guide to a dual occupancy build
‘Dual occupancy suits anyone wanting to realise the development potential of their land – from new and seasoned investors to downsizers or people who want to maximise the equity of their land without leaving the area they call home,’ explains Richard.
2. Find a builder who offers a genuine all-inclusive dual occupancy service.
It’s known that dual occupancy builds can be extremely beneficial financially, but with multiple dwellings also comes the potential of increased time and stress. To ensure a hassle-free build, find a builder who can manage the entire process for you and that understands the intricate dual occupancy approvals and planning process.
‘At Boutique Developments, we can manage the planning approval, demolition of the existing home and all asset protection and financial approval, right down to replacement driveway cross-overs,’ says Richard.
Read more: Why you need a full-service dual occupancy builder
‘We prefer to engage both local council and independent planning experts from the outset to ensure your proposal has the best possible chance of being approved.’
3. Know how much dual occupancy will cost from the start.
Many builders offer an appealing base price that contains a host of hidden costs. Make sure your development partner offers genuine upfront pricing that includes all associated costs and pays attention to any design upgrades that may require further spend. Builders that offer premium inclusions as standard should be your first choice.
‘It’s also important to budget well and have a financier on board early in the process,’ adds Richard.
4. Research first, buy your block of land second.
One of the biggest mistakes Richard sees new dual occupancy investors make is buying a block before doing the proper research. Each site will come with its own complexities – including slope, orientation and council restrictions – so it pays to seek quality advice early.
‘Don’t commit to buying a block without ensuring it’s well suited to redeveloping with multiple homes,’ says Richard.
‘Take advantage of your builder’s site appraisal service and get them to investigate the property prior to making a commitment. At Boutique Developments, we offer all our customers an obligation free site assessment by our qualified team.’
5. Choose a floorplan and façade that’s unique (yet suited) to the market.
As dual occupancy subdivision becomes more popular, so does the competition for occupiers. If you are planning to rent or sell one or both dwellings, finding a home design and floorplan that suits the character of the neighbourhood and target market is vital.
Read about Oscar & Sarah’s dual occupancy build.
‘As well as premium fixtures and fittings, features such as double glazing, and separate roof form are a must when selling to an increasingly discerning and educated buyer,’ says Richard.
6. Work with a partner that sets realistic timeframes
‘A dual occupancy build requires a planning permit that is issued by the local council. While the approval process is detailed, the resulting development offers customers a very versatile investment,’ says Richard.
In short, planning and approvals take time, but it’s worth it. Find a development partner who knows how the system works and the developments that are likely to be approved in a timely manner within your geographical area. They should be able to offer advice to make the application process as streamlined and efficient as possible.
7. Know your point of contact.
With any dual occupancy project, knowing the ease at which you can get timely, well-informed advice is key. Before you sign on with a builder, make sure you ask who your point of contact will be.
‘At Boutique Homes, we have highly specialised Boutique Developments Consultants with an expert Project Manager who is your sole point of contact throughout the entire build journey,’ explains Richard.
‘You always know exactly who you should be speaking to and you’ll have peace of mind that they’ll know exactly what is going on with your personal project.’
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