Are you considering joining the property investment market? If you are, you might be feeling overwhelmed and have no idea where to start. It is but normal to feel that way as the world of property investment is filled with a bag of tricks. There are so many things that you need to learn about before you dive in. One of the decisions you will have to make is to decide on what type of property to invest in. One of the hottest types of investment property in the real estate market right now is dual occupancy homes.
Before you start your search for townhouse builders Melbourne has, it is important to evaluate this decision if it is indeed the right one for you. You need to look at your long-term investment goals instead of joining in the hype.
Is It the One for You?
As mentioned earlier, you must consider your long term goals as a property investor before you invest in dual occupancy homes. This is a huge investment so there is no turning back once you have made that investment. It is also important to consider your budget as dual homes are going to be more expensive than single attached homes due to the fact that you are buying two properties in one. If you are willing to make that investment, you could potentially double the profit potential for this type of investment.
According to experts, a dual occupancy home is one of the most economical types of properties to invest in. If you own a piece of land, you can find pre-designed homes Melbourne currently offers and then look for builders to turn that design into reality. It is more cost-efficient that way since you only need to pay for the construction costs and not the land anymore. But if you do not own a piece of land, you still do not have to worry about it since you can find plenty of reasonably priced dual occupancy homes worth of investing in.
Two Homes in One
Technically, it is a single home but with two wings. Each wing can be converted into its own living, which instantly doubles your ability to gain profit from a single investment. You can also choose from a wide range of duplex designs and styles. You can, therefore, choose one that would fit into your target market as the designs and lot area for each unit of the duplex home will impact its rental price in the market.
When deciding on the cost of the rental for your duplex homes, it is also important to evaluate the type of location. Is it in a rural or urban area? Is it a strategic location? These factors can come into play when determining how many potential renters would be willing to pay for your investment property.
If you’ve decided to go with dual occupancy homes for your first real estate investment, make sure you rely only on the best builders. To look at the existing properties available from one of the best dual occupancy builders Melbourne has today, visit http://www.l37.com.au/.