Also known as dual key property or dual occupancy property, dual income properties are gradually becoming a very popular option for investors who are savvy decision makers. The reason is because these properties are quite attractive and tenants often prefer these. In the case of investors these properties bring in additional benefits when compared to traditional homes.
The unique design of dual income property
Dual income properties create scope for generation of incomes that are based on rent and facilitates the double income from just one property. Dual income properties generally are designed in a way so that a three bedroom or four bedroom residential space is located on one side and a two-bedroom home is situated on the other side. There are still other configurations but that depends on the size of the land being considered.
The factor of property tax
A dual income property or home belongs to just a single land title. This implies that the property taxes that need to be paid shall be based on just one specific block of land. The costs associated with construction as well as land can be reduced to a considerable extent when it comes to dealing with dual income homes or property.
The double rental system
For the investor, the dual income property brings in a number of benefits. Maximisation of the income from rent is one obvious benefit that investors enjoy when it comes to managing the dual income property. Unlike the traditional properties that provide the option of income for investors from just a single rent, dual income homes offer the option of obtaining well-defined income from a double rental system. It is no big news that the market rents have undergone significant increments during the span of the couple of years in the past in most of the property markets. This stands as a point of great advantageous situation for investors who are associated with the management of dual income properties.
The population boom
A particular fact that needs to be noted is that the population is going on increasing. There is a general dearth revolving around the supply of housing facilities and there is the problem of making the property available at affordable rates for the general public. The possibility and scope of building new homes in the face of population growth is not showing favourable signs considering the current situation. Dual income properties are a great way to ensure that this gap is fulfilled in the most desired way and it holds great opportunities of income for the investors. Dual Occupancy Investment in WA is gaining popularity.
An attractive option for investors
In this scenario where prices of the properties are soaring high, dual income properties hold great promise. They are quite an attractive option for investors. This is so because the dual income properties have the potential to generate additional income.
The distinct architecture
The architecture of dual income property is such that one part of the property can be given to the tenant and the other part can be used for personal use by the owner or considering the other scenario both the dwelling spaces can be given out to the tenants for their use.
Conclusion
These were some of the important characteristics and benefits of dual income properties. We discussed some and there are more which is beyond the scope of this blog.