increase of multi-story properties in urban spaces, as well as adding
secondary spaces as part of a home build for rental opportunities or
home offices, or providing an additional income by renting to long-term
tenants or Airbnb guests.
Multi-generational living is on the rise
Multi-generational living is the norm in many cultures, and in New Zealand,
these norms are often imported with migrant groups, or are a financial
necessity in a time of burgeoning house prices, and shifting values.
If the adult children can’t afford to move out, or if your parents need
assistance but want to retain their independence, a duplex arrangement
can be the perfect solution. Each home has its own entrance, kitchen,
laundry, bathrooms, bedrooms, living and outdoor areas. But, unlike a
traditional granny flat, all dwellings are under one roof.
Although it usually costs more to build a duplex than a single freestanding
house, it’s still cheaper than building two houses. And, because both
dwellings are on the same section, you’ll save on purchasing separate
sections, and potentially rates, insurance, and utilities.
Duplex designs offer some fantastic opportunities
for investment. When rented out, they can provide
an additional stream of income - almost literally on
your own doorstep!
Living ‘next door’ means you can manage the property easily and keep
an eye on requirements for repairs and maintenance. And, by living in
one unit and renting the other, your tenant helps pay the mortgage and
other expenses for you.
Of course, two separate rental properties will nearly always outperform
a standalone house that accommodates only one tenant. With dualliving,
you’ll have two rental incomes from one property - which is usually
cashflow positive - which means you’ll be maximising your return. Even
if one unit is vacant, rent will be coming in from the other. That’s not the
case with a vacant standalone house!
Duplexes generally require large, wide or dual-frontage sections which
may be subdivided into separate lots (in the right zoning). Sections
are sometimes on one title, meaning both units must be sold together.
However, it is possible to subdivide a duplex into two separate titles, so
that each home can be sold separately.
As all councils have different by-laws and requirements for multi
occupancy dwellings, we always recommend you consult an experienced
team such as Landmark Homes to discuss this.
Check out Landmark Homes’ new multi-living Ready to Build plans such
as the Hukanui, Octave and Forte and you’ll see why it’s the way of
the future!
These plans are designed to inspire your own ideas for your dream
home. Each plan can be adjusted to suit your needs and your site.
Call Landmark Homes today to discuss how our multi-living plans can
work for you.
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