This could be the most important thing you read all year.
That’s not a sales puff, that’s just the reality of a property strategy that is hard to top. But what’s interesting is that most people don’t understand what a dual occupancy development is and even if they do rarely come to the realisation that they have been sitting on a gold mine.
What is a Dual Occupancy?
- A dual occupancy can be defined as two dwellings on one title, either attached or detached.
- A dual occupancy is a different classification of use than a granny flat or secondary dwelling.
- Dual Occupancies can only be achieved in NSW through Council under their development controls. Dual occupancies are not a state based planning policy.
What is a Dual Occupancy Subdivision?
The crème de la crème of dual occupancies is a ‘dual occupancy subdivision’. This is where a completed dual occupancy is subdivided off from the original dwelling, creating two dwellings.
5 Reasons Why Dual Occupancies Are Better Than Granny Flats
In Colin Fragar’s exclusive video, he reveals Five Reasons why a Dual Occupancy is Better than a Granny Flat:
- A larger building footprint is usually permissible than a secondary dwelling.
- A dual occupancy can often be subdivided. A secondary dwelling or granny flat cannot.
- A dual occupancy usually achieves a higher rent and valuation due to a larger footprint.
- Once a dual occupancy is subdivided, one or both of the dwellings can be sold, reducing debt levels.
- Dual occupancies usually permit a departure from minimum lot sizes.
Why A Dual Occupancy?
Our experience is that on average a completed Dual Occupancy approval will increase the value of a property by close to 40%. If a Dual Occupancy Subdivision can be achieved then we have seen multiple cases of properties doubling in value.
What are the Challenges?
Common issues we see with dual occupancies are
- Lot size and width,
- Privacy – in particular achieving private open space,
- environmental constraints such as slope, vegetation and bushfire prone land,
- parking, and
- floor area limitations.
What’s the first step?
The first step is to engage us to do a Preliminary Planning Assessment. We will look carefully at whether a dual occupancy is permissible on your property, what the chances are of achieving council approval and what key issues need to be tackled head on to ensure a successful outcome. We will also determine whether the crème de la crème, a ‘dual occupancy subdivision’ could be achieved on your property.