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If you’re thinking of downsizing but love where you live, you could stay right where you are by simply unlocking the value in your backyard or vacant land.
The house-behind-house process is relatively simple and involves subdividing your block into two separate titles enabling you to construct a new residence behind your home. You can then either sell the new residence or rent it out and enjoy a new income stream.
Duplex and triplex developments
If your block of land is zoned R20 to R40, you can potentially subdivide that block into two or three separate titles and then construct either a duplex or triplex development. By doubling or tripling the number of residences on the one block, you will be significantly increasing your equity and providing yourself with the options of living in one of the homes, selling them or renting them out.
Group dwelling developments
Over the past three decades, many of Perth older suburbs featuring large blocks of land have become hotspots for group dwelling developments. Constructing several residences on a single block of land can potentially provide you with a financial windfall – but with any group development project, we strongly recommend providing a comprehensive feasibility on the development so that you have a clear understanding of risk versus financial reward.
Two-storey townhouse developments
Due to a smaller footprint for each residence, a two-storey townhouse development provides you with the benefit of maximising your use of available space on your block of land. Typically, townhouse developments are a very attractive purchase option for families, as the two-storey configuration can provide separate living zones and accommodation areas. Townhouse designs for narrow and square lots are also becoming extremely popular.
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Aveling Developments is renowned for delivering quality projects at the right price completed on-time. Our list of satisfied professional investors and mum and dad investors is endless.