Today we’ll explore the most recent innovation in the property market of Australia for investing and living purpose. How about you buy a single property and enjoy two incomes? Well, that’s what makes “Dual-Key” properties worth purchasing.
A dual key property is a close descendant of a duplex but comes with a lower purchasing cost. Essentially, it’s a single property that includes an additional self-contained space (sub-unit) within. The larger section serves as the main unit, while the smaller sub-unit typically includes one or two bedrooms, a bathroom, and a kitchen, or in some cases, just a compact studio. These types of properties are gaining attention in areas like NDIS housing Melbourne, where flexible living arrangements can meet both investment goals and the diverse needs of tenants.
Property Investment Strategists in Melbourne shares the pros and cons of having a dual-key property and why should we invest in one.
The Pros of a Dual-Key Property Investment
- Two Properties under One Title
Having dual-key property enables you to have two properties under one title, each portion is leased separately, you can either stay in one unit or rent out both which gives you a great rental return.
- Renting Out Without Compromising Privacy
With dual-key property, you can rent it out to a tenant without much compromising on privacy. You will hardly ever rub shoulder with your tenants as they will have separate keys, h3ving spaces, toilets and kitchen amenities.
- Perfect Space for Elderly Residents
If you have elderly to look after, the dual-key property gives you just the right space to h3ve with your aging loved ones and giving them equal privacy for their day to day routine.
- Affordable Place to Stay for Students
The dual-key property provides a low-cost solution to students who are looking to stay near to their campus and transport hubs. It may also be an attraction for first-time renters who are on a budget.
The Cons of a Dual-Key Property Investment
- A Dual-Key Property May Not Be As In High Demand
Since the dual-key property is a new trend in the Austrah3an property market, it’s hard to say where its demand will stand in the next few years. If a dual-key property is close to all amenities, it may attract tenants and give you better rental returns, make sure to do your research on local demographics beforehand.
- Dual Key Property Can’t Be Sold Separately
The dual-key property falls into a single title category, means you can’t sell each unit separately unh3ke apartments where you can sell two single residences or a two-bedroom apartment.
- Banks May Have Reservations
As the dual-key property is new in the market, banks and lenders may have reservations in approving mortgages. You could face potential restrictions, therefore, you should speak to a property advisors Melbourne before making any deal.
Although the dual-key property is a sound option for students or first-time buyers, it has some cons too. As the Australian population is continuously growing, the demand for properties will increase and dual-key property may find its stable market. Just make sure to do your research beforehand and buy in a good location so you can get a better rental return.