Tips & Tricks Maximising Your Land with Duplex Development November 17, 2023 Written by Demi Marketing Coordinator Share Share on Facebook Share on Twitter Share on Linkedin Share by email As you stand on your property, contemplating the potential, you might not realise the untapped wealth beneath your feet. For people who want to optimise their land’s worth and expand their assets and equity, constructing a duplex is one option worth considering as it’s gaining immense popularity, and for good reason. In this post, we’ll explore the alluring possibilities of duplex development. Whether you’re a savvy investor or a homeowner eager to harness your property’s full potential, this could be your ticket. We’re here to help you discover why it’s worth building a duplex for a sturdier financial future. What is a Duplex Development? Let’s begin with the basics. A duplex development involves creating two separate dwellings on one single block of land. These dwellings can either remain as one piece of land or be subdivided into two lots and sold individually. They can also be single-storey or double-storey buildings. In most cases, both homes in a duplex are similar in size and design, sometimes mirroring each other, offering a smart solution for those looking to optimise space and investment. However, there’s an emerging trend in designing a larger, more unique unit tailored to owner-occupiers. Dual Occupancy in Duplexes Dual occupancy housing arrangements are defined by Planning NSW as self-contained units situated within the same site, either attached to or separate from another dwelling. For duplexes, the concept of dual living is ideal for families seeking proximity while maintaining individual space and privacy. It’s also helpful if you want to repay the loan you secured to cover the expenses of constructing your duplex. A strategy to get some revenue stream is by renting out one side of the duplex and allocating your tenants’ rent payments towards your monthly loan instalments. Beyond their utility for duplex development, secondary dwellings and dual-living designs offer versatile living arrangements. In “Attached Dual Living,” one dwelling is physically connected to or integrated within the primary residence. A duplex or even a granny flat that shares a structure with the primary home would be deemed as “Attached Dual Living”. In “Detached Dual Living,” the second dwelling is not physically linked to the main house, such as a detached house or granny flat, providing further separation and independence. Zoning Considerations for Duplex Development In New South Wales, a duplex development’s feasibility depends on your land’s zoning. For R3 zones, where multi-dwelling housing is appropriate and encouraged, the minimum required block size is 550m², while lower-density housing R2 zones necessitate a minimum of 650m². R3 zoning is frequently designated for areas close to public transport and healthcare facilities, which allows for greater construction density, often eliminating the need for dedicated parking spaces. Understanding your land’s zoning is crucial when planning your duplex development. The Path to Financial Freedom A primary drawcard of duplex development is its income potential. You can rent out both dwellings or reside in one while leasing the other, establishing an income stream that substantially enhances your financial stability. Whether you’re looking to supplement your income or pay off your mortgage faster, a duplex development provides a straightforward path to greater financial security. An Investment That Keeps Giving The demand for dual occupancy homes is rising, making them an attractive prospect for future buyers. Adding a duplex can significantly enhance the resale value of your property, providing an avenue for long-term financial growth. The addition of a second dwelling to your property not only increases its market value but also opens the door to capital growth. Your Asset, Your Wealth As a duplex owner, you can leverage your property for loans, potentially using the rental income to fund other investments. So, building a duplex isn’t just about instant revenue and future growth. It’s also about creating a valuable asset that can be a resource for your financial goals. Is It Worth Building a Duplex? If you’re seeking a steady income, long-term growth, and equity accumulation, the answer to whether it’s worth building a duplex is a resounding “yes”. A well-planned and expertly executed duplex can be a game-changer for your financial portfolio. Choosing the right builder for the job is key to ensuring your entry into duplex development is a success. Why Choose Better Built Homes? Given our expertise in constructing duplexes and a diverse selection of home designs, Better Built Homes is your perfect companion on this exciting journey. We bring a wealth of experience combined with a commitment to simplifying the sometimes-daunting process of duplex development. With Better Built Homes, you have the assurance of: Expertise Our team of professionals has sharpened their skills in duplex development over time, so we know the ins and outs of creating a seamless, functional, and profitable duplex. Transparency We believe in open communication and clear explanations. So, as we guide you through the entire process, we make sure you understand every step. Customisation Since everyone has specific needs and preferences, Better Built Homes offers a bespoke approach to duplex development, tailoring the design to your requirements. Value Since we believe in delivering value without compromise, our Better Inclusions Package goes beyond the ordinary, offering luxury as the standard. Your duplex development is no different. Award-Winning Service Better Built Homes has been named the best home builder in Sydney for three consecutive years, a testament to our commitment to excellence. Our Duplex Building Process Our experience ensures a smooth and satisfying process in building your duplex. Here’s a clear path to becoming a duplex owner: Stage 1: Feasibility Assessment Evaluate factors such as land size, zoning regulations, and budget constraints. This initial step ensures a realistic understanding of the project’s viability, guiding the rest of the development stages. Stage 2: Land & Design Select a suitable duplex design for your land. After paying the tender request fee, we begin preliminary planning with a site inspection. Stage 3: The Tender Deal We create a detailed tender based on your preferences. Our consultant will explain it, and once you accept and pay the fee, we start the presentation plans. Stage 4: Plan & Style This stage brings your duplex plans to life. You select bricks and colours and review the plans. After your approval, you pay the submission fee, finalising the details. Stage 5: Final Details Our drafting team refines plans, makes adjustments, and ensures compliance with standards. Stage 6: Interior Choices This is when you select carpets, tiles, and electrical options, consulting with our colour specialist for kitchen and bathroom selections. Stage 7: Green Light We obtain the necessary building approvals and a construction certificate. Stage 8: Contract Execution We prepare the HIA building contract and obtain your approval, and you provide the necessary proof of construction funds. Stage 9: Commencement On-Site We perform a final quality check, schedule construction phases, and ensure a smooth process from consultation to key handover. Stage 10: Post-Handover After building, the customer manages final occupation, subdivision, council approvals, land titles, and related service charges. Post-construction fees range from $20,000 to $50,000, depending on the project. Start Your Duplex Development Journey When it comes to making the most of your land financially, duplex development stands out as a path to success. It’s all about generating income, fostering growth, and building equity. As you stand on the edge of this new venture, know you’re not alone. The Better Built Homes team is here to simplify the process. So, is building a duplex worth it? Absolutely. Get in touch with us today, and let’s start building your financially savvy future.