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Duplexes. Here’s what you need to know.

Oktay Sengoz

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25/10/2022

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1 min read

A duplex can be the solution for a growing family wanting to live together or a lucrative property development project.

Some people have considered building a duplex on their current property to provide accomodation for their recently married children. Some people consider a duplex to build two properties, sell one and pay down the loan on the one they keep, or others for the pure reason to make money by selling both.

Whatever your motivation, consider the below when deciding if this is for you

Does your property, i.e., dimensions, council requirements and zoning allow for a duplex.

Usually, a property in a R3 Zone in NSW could be considered for a duplex. You can visit your council website to find this out. The other requirement is that the frontage needs to be a certain width before a duplex can be considered.

Do your research.

You need to know your final build costs, what the land will cost you (if you don’t already own it) and what the other costs will be, i.e., planning, council, and subdivision costs. Your total costs should also include contingency to cover any unexpected costs during the build.

Do the final numbers make sense to build

You should always do your market research to see after the final build, what will the properties be worth and if its even worth it to build.

Understand your loan options and how you will be paying the loan repayments during the build.

If your goal is to sell both, then you will need a development loan, if it’s to keep one or both, it can be a standard residential loan with standard rates.

Talk to us today to run your numbers and see what finance options you may have.

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