Should you buy a duplex development? This is an age old question many people have when it comes to purchasing or building a new property. Read on to learn of all the benefits of duplex development opportunities Australia wide.
When thinking of purchasing a duplex development, many home buyers are attracted to one thing. What is it? Well, its ability to bring in significant profit in terms of monthly rental income. Other than profits, there other reasons why many in South Australia want to purchase a duplex development. If you’ve been thinking of buying this type of property and you are just not sure if it’s right for you, this post seeks to help you come to a decision. It’ll do this by focusing on the following reasons for buying a duplex development;
- Price of Duplex Development
- Investment Opportunity
- Perfect For Animals
- You Keep Your Family Close
Price of Duplex Development
Top on the list of reasons why you should buy a duplex development is the price. With the price of land increasing by the day in South Australia, many homebuyers are turning to affordable housing. It’s not just the price of land costs of building are also on the rise. This in mind, many are turning to duplexes are an ideal property type.
This is more so true when it comes to first time home buyers, renters, downsizers and retirees. In other words, they are turning to be an option for just about everyone with a moderate budget and looking for a home.
So how much do duplexes cost? Typically, a duplex in South Australia is half the price of a typical single family home. If you happen to find one in a good location you can easily get the best value for your money. This while leaving in a top-notch neighbourhood.
Unlike in apartments where you live in pockets of others, with a duplex development you get added privacy. In fact, you are more likely to receive the type of privacy single-family homeowners gets with their homes. This new found privacy is as a result of you not sharing facilities with other people. Even better, you’ll be getting the privacy you want while maintaining all the security benefits of having a neighbour close by.
Turning to duplex developments as investments is another reason why you should buy one. In some cases, you’ll find home buyers purchasing duplex development to rent them out. This happens in two ways. One, they can choose to purchase a two-duplex unit and live on one while renting out the other one. This is common with home buyers keen on raising extra income to help with expenses like a mortgage.
Two, home buyers can buy out a two-unit duplex and chose to rent out both units. Given that they’ll be dealing with two units in what is a piece of land supposed to house one unit, the monthly rental income is sure to increase. What all these results to is a great return for a home buyer who opted to invest in this type of property.
Perfect For Animals
If you are a pet lover or just happen to have a pet or pets then you probably are well aware of the difficulties involved in having one in an apartment building. In most cases, you’ll find pet owners living in apartments because of the high costs of stand-alone homes. With duplexes however, you can get the benefit of space for your pet without breaking the bank. You’ll be able to enjoy all the benefits of letting your dog roam about your duplex.
You Keep Your Family Close
With a duplex development you can ensure that you are always close to your family members. This is more so true if you are looking to keep your ageing parents or grandparents close to you. You’ll be able to give them the care they need and deserve without having to drive long distance. As you can tell, this is very valuable when dealing with elderly family members with health issues. Some of the things you can easily do for them when staying just a few steps away include;
- Cooking for them
- Doing their chores
- Taking them medical appointments (if applicable)
- Providing quality company
Even better, by having your elderly family members staying next to you, you’ll help prevent or delay when they go to nursing homes. Finance-wise, this is a good option. This is due to the fact that you won’t be paying for another house for them. The same also applies for paying for a retirement village. The money you save you can make use of it elsewhere to better both you and family members. This is possible because duplexes come with two units. So you’ll live in one while letting your elderly family members stay in the next one.
Are you thinking of getting yourself a duplex development? Want to find out if this type of property is ideal for you? Well, here at Duplex Invest we have an experienced team ready to help you in any way. By speaking to one of us, you’ll be able to get answers to these and other additional questions you might have regarding duplex development.