Are you looking for your next high-yielding Coffs Coast property investment? A duplex may be the answer!
Quality land in the Coffs Harbour region is rare and expensive, so it is vital to squeeze every drop of value from your investment. In the right circumstances, a duplex provides the best bang for your bucks, delivering higher yields and higher capital value than other options. In effect, you get two rental incomes from one asset. And a duplex is usually significantly less expensive to build than two free standing houses, and can be built on a smaller parcel of land.
In short, a duplex is two houses under one roof. A duplex is a residential building, containing two separate dwellings separated by a common wall. The two homes may be on one land title and be owned and sold together, or they may exist on separate titles and be individually owned and sold.
The duplex concept is very flexible. They can be single level or two storey. They should be consistent in style, but the two dwellings do not need to be identical in floorplan. With the right layout, a duplex may be built on a corner lot, sloping land, wide lot, narrow lot, or unusually shaped lot.
For a great example of a duplex, check out this project in west Coffs.
Duplex designs often work well on land located close to shops, services, and public transport. Being in a good location will generate rental interest from the broadest possible market, and provide the potential for solid long term capital gains.
This doesn’t mean a duplex cannot work well in other locations, particularly if the duplex is addressing unique site conditions. For example, we are currently building a luxury duplex development on a steep block overlooking the Solitary Islands. In this case, a luxury duplex design was the most effective response to the site constraints and our client’s goals.
To find a suitable site for a duplex, look for land zoned R2 Low Density Residential or R3 Medium Density Residential.
R3 Medium density residential areas are suited to townhouse and villa developments, because only 200m2 land is needed for each dwelling. But a townhouse development is out of reach for the average mum and dad investor. If you can find a smaller R3 zoned block unsuitable for a large development, a duplex may be an excellent solution.
On R2 Low Density Residential land, a minimum land area of 400m2 is needed per dwelling. So you need a block at least 800m2 to subdivide and build two houses. But what if your block is awkwardly shaped or sloping? You may have the required 800m2, but no way to actually build two separate houses. You may have space to build two houses, but by the time you allow for set-backs and driveways, there will be practically no yard space remaining. You may not have the budget to build two free standing houses. In these cases, a duplex may be the right solution.
If you think a duplex may be right for your land – call us. We will provide a free, no obligation assessment of your land and building options.
Don’t have 800m2 to build a duplex? Check out our blog post on increasing your rental yield with a granny flat.
Building a duplex is not beyond the reach of regular “mum and dad” property investors. All it takes is a little bit of research and a strong partnership with the right builder.
These tips should help get you started:
Is a duplex the right option to help you reach your property goals? Are you wondering if your land may be suitable for a duplex development? Give us a call on 1300 056 298 to organise a free, no-obligation evaluation of your land.
The team at Balance provides expert assistance at every stage of the residential construction process, from initial feasibility analyses to final touch-ups. Our in-house design team has produced a portfolio of exceptional new home designs, and we also offer custom design services using state-of-the-art design software (including 3D renderings you can view on your smartphone or VR glasses!).
We have solutions for steep sites, beachfront lots, and unusually-shaped blocks. We take care of Council paperwork and approvals, and provide professional interior design advice to ensure your home is stylish and practical.
Seeking a construction partner for your next investment project? Balance are the Coffs Coast experts in townhouse and boutique developments, with multiple successful projects delivered over recent years, producing excellent returns for our clients.
We offer a unique service to investors, with our ability to handle every stage of your development, from early concept plans through to completion. We provide excellent value, and can even put you in touch with quality local real estate agents to help sell or rent your new development.
We also offer turnkey development solutions so investors can start earning a return sooner with less hassle.
Unfortunately, the big builders have convinced new home buyers that the only way to afford a new home is to settle for one of their standard plans or pre-arranged house and land packages. But why settle for a home designed for someone else?
A home designed to meet your specific needs may be much more affordable than you realise! At Balance, our pricing is transparent and we’ll happily tailor our designs to meet your budget and the family’s needs.
You’ve got nothing to lose – visit our display home, or give us a call today on 1300 056 298 to arrange a free consultation.