Colin Fragar, our founder and CEO, shares advice for how to do a dual occupancy that will add hundreds of thousands to your portfolio.
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How to do a dual occupancy development that will add hundreds of thousands of dollars to your portfolio? My name is Colin Fragar from the Council Approval Group. The answer to that question really gets down to the quality of your advice.
So a dual occupancy development is a great strategy for a property investor and actually is one that I talked about in my book, which I wrote with Dale Beaumont, Secrets of Property Millionaires Exposed.
What is a Dual Occupancy?A dual occupancy is defined as two dwellings on one title. Now that dual occupancy can be done a number of ways. It can be done straight down the middle. That’s often what we see in a residential street. It’s not often the best way to do it, but it’s usually what was sold to them by the dual occupancy builder.
The alternative is to do one that is behind with a common wall. But also please keep in mind that dual occupancy doesn’t necessarily need to be attached. It can be detached, which allows for a better overall development.
Get the Most from a Dual Occupancy DevelopmentA dual occupancy development may also be subdivided in certain areas, certain local government areas and certain zonings. And maybe it applies to your site.
So how do you do a dual occupancy development that will add hundreds of thousands of dollars to your property portfolio? The answer is the dual occupancy subdivision. If we can pull that off for you, then I look forward to you taking me out to dinner and talking about it.So let’s work out a clear roadmap for you to go forward. The first thing to work out is dual occupancy allowed in your area, in your zoning? Is it allowed on your site? Is it allowed with your minimum lot width provision that you have? Minimum lot size? Can we get just a granny flat or a secondary dwelling or can we get a dual occupancy? Or can we even subdivide that dual occupancy?