What Is A Multi-Unit Development And Why Should You Invest In It?
A multi-unit development is a project in which more than one residence is built within a single lot. These have become more successful over time as the population has grown, simply because they allow higher residence within the comfort of a single plot. Sure, some might choose to use both as their residence, but the divide allows more freedom and space for more individuals to live together, if and when required.
More commonly referred to as dual occupancy homes, multi-unit development projects are slightly complicated to deal with when it comes to residential specifications and laws. This is one of the major reasons why a highly skilled contractor is necessary for setting up such a plot. Not only can they help you follow all the codes properly, but they can also work out loopholes that will get you the results you need, no matter what. Lifestyle By Design or LBD Homes is a company set in Melbourne and we hold some of the most talented and efficient home builders available on the field. With the help of our project managing and site supervisory teams, we can ensure that your property will turn out to be the one-of-a-kind dream you always hoped it would be.
However, the question that falls before the investment is simple, “Why should I?” Naturally, you’re not going to put in all your money on a project that could cause you a hard hit on your wallet for no reason now, will you? To make you understand as to why you should go forward with a dual occupancy investment, we’ve jotted down a list of points that could make you see at least some of the benefits, if not all:
- Even though multi-unit developments tend to be more expensive, they can be much more beneficial in the long run. For example, once the construction is over, you can choose to put one unit of the residence for rent immediately, allowing you to pay down the mortgage much quicker than you would be able to otherwise. More than half of your worries about the payment of the property dies down with the help of a multi-unit development since it ends up increasing your income. You’re able to pay off with the help of both your savings and the rent that you receive.
- If your field of expertise lies amongst the lines of a professional property manager, a multi-unit property could help in making your life much easier. Not only would you have made a sound investment, but it will get easier to hold property inspections when there’s two of them right next to each other. It can get easy to collect rent, meet the families that are staying there, etc.
- Even if you don’t look at a dual occupancy home as a profitable investment, it helps in keeping the family close. You can choose to give off one unit to a family member, or even to your child if they’ve grown to be a young adult and are looking for slight freedom. This allows you to not worry too much about them whilst also giving them the space of growth that they need. It’s a win-win situation!
Whether you choose to invest in a multi-unit development project for profit or family, at the end of the day, it’s simply an investment worth making. As a project that’s beneficial with regards to both lifestyle and finance, dual occupancy homes are growing to be the preferred form of property investments in the real estate market.