The top reasons why a Senka dual occupancy should be high on your list, whether you're looking to make your next investment, upgrade your current home, or take your first step into the property market. A dual occupancy offers flexibility, potential for rental income, and a smart way to maximise land value, making it a standout option for any property buyer.
Why dual occupancy is gaining popularity?
Drive through Melbourne’s middle-ring suburbs and you’ll notice ageing postwar homes on nearly every corner. These quiet streets have retained their charm and strong sense of community from decades past, while still being just minutes away from the vibrant city centre.
As time passes, homeowners face increasing maintenance costs or the need for costly and disruptive renovations to revive these older homes. However, more recently, other options for upgrading have gained popularity. Knock-down rebuilds and dual occupancy projects are on the rise—and with good reason. A dual occupancy home offers flexibility, allowing you to live in, lease out, or sell, providing multiple opportunities to make the most of your property.
1. Capitalise on a primed rental market.
With dual occupancy, everyone from first-time to seasoned investors can capitalise on Melbourne’s competitive rental market, which is characterised by low supply and high demand. In January 2023, Domain reports indicated that Melbourne’s vacancy rate hit a record low of 1.0%, alongside rising rental yields. The option of two rental streams, rather than one, allows investors to take advantage of strong market conditions while diversifying their portfolios in the process.
2. Take advantage of bigger blocks.
Around major cities like Melbourne, older blocks tend to be larger, and the value of the land itself often surpasses that of the existing dwelling. A dual occupancy build allows you to capitalise on the rising value of the land instead of investing in apartment-style complexes in the area. Additionally, with open and spacious layouts, comfortable bedrooms with ensuites, and plenty of room for alfresco dining and pets to roam, dual occupancy designs reflect our relaxed and elevated way of life. Families no longer have to compromise on having a spacious home or their proximity to beaches, sought-after schools, and sporting clubs.
3. Avoid the costly downsides of selling.
For homeowners looking to upgrade their current property, the decision often comes down to selling, renovating, or opting for a knock-down rebuild (KDRB). While selling may seem like the simplest solution, the associated costs, such as stamp duty and agent fees, can give you pause. Additionally, selling can be risky. As you attempt to re-enter the market, you’ll face competition from other buyers at auctions, with homes frequently selling well above their reserve price. Essentially, there’s no guarantee that you’ll secure the home you desire in the suburb you love. However, you can leverage your existing equity to rebuild, providing a more controlled pathway to your ideal living situation.
4. Standalone isn't your only option.
Buying a block or planning a knock-down rebuild (KDRB) with a new standalone home doesn’t always present a feasible solution, especially from the perspective of banks and lenders. This is because the asset’s value doesn’t always cover the debt incurred. In many cases, the cost of acquiring the land and building can exceed the value of the completed home. However, dual occupancy can turn the tables. With this approach, you’re not just building one family home but two spacious 30+ square family-sized homes, complete with an ongoing income stream built in.
5. Create affordable pathways to homeownership for first-time buyers.
Today, there is significant discussion around the challenges young first homeowners face in entering an increasingly competitive property market. Traditionally, many have relied on the Bank of Mum and Dad to help cover their deposit. However, we are now seeing a growing trend of first homeowners teaming up with older family members on joint dual occupancy builds. This arrangement allows parents to build their investment portfolios while providing their children the opportunity to establish roots in a suburb close to home, all while taking on much more manageable debt.
6. Maximise retirement benefits with dual occupancy.
With dual occupancy, empty nesters and homeowners with retirement on the horizon benefit from downsizing to a more manageable home with less maintenance and upkeep. Being able to lock up and leave for holidays with minimal fuss, while simultaneously building wealth for retirement with Senka Homes, provides a greater sense of freedom for those approaching their twilight years. They
7.Explore flexible living options with dual occupancy.
While it might seem like a new concept to some, dual occupancy design suits families in search of flexible, multi-generational living arrangements. Whether that means grandparents moving closer to help with grandkids or elderly parents needing an extra helping hand during their day-to-day life, dual occupancy provides households with independence through separate amenities and living spaces while maintaining a strong sense of family connection.
Why choose Senka Homes for your Dual-Occupancy Build?
Senka Homes is a leading specialist in Melbourne for dual occupancy projects. We handle every aspect, from site assessment and design to construction and interior finishes, ensuring a seamless process to create your ideal dual occupancy home. With a focus on maximising space and investment potential, we are dedicated to delivering exceptional living solutions tailored to your needs.
Contact our expert team for a no-obligation chat and start your home transformation journey.
