Owning a property is one of the best investments you can ever have. Since properties appreciate over time, you can take back the money you’ve invested and even more!
However, if you’re planning to sell your property, there are things to consider depending on the type of property you have. If you own dual occupancy homes, you have a few options in terms of selling.
Dual occupancy homes are two houses in one title. These houses can either be attached or detached. Dual homes are attached when the two homes are only separated by a wall. On the other hand, it’s detached, if the two homes are completely separated but both under the same title.
So you only have one title with two dwellings. What happens next? Here are some of the things you should know before selling your dual occupancy homes!
1. Can’t sell them separately
As mentioned, in dual occupancy homes the two dwellings are under the same title. So it would be impossible to sell them separately unless you’re going to separate them into two titles.
If you’re having a hard time selling two homes in one title, you can easily do it when they’re separated. You’ll need to do some extra work, but it’ll be worth it, but it’s not that easy.
First, you need to file for a development application. Moreover, other requirements depend on the management of the subdivision where your property is.
Next, you need to generate a strata title and a Torrens title. The strata title is when the property, including the lot, is divided into more titles so you can sell them separately. Meanwhile, the Torrens title is composed of the transfer of ownership and land title.
2. Have the dwellings rented/occupied
Instead of selling the property, why don’t you have the other dwelling rented or occupied by a relative? Sure, selling the property can help you earn, but you can still do that if you have it for rent. That way, you can still have the property while earning on the side.
On the other hand, you can also rent the two dwellings out if you’re not staying in the property. Although it’s a great idea to sell the entire property, it’s also nice to have another option, just in case.
So before making the final decision, take some time to know your options and assess your wants and needs.
3. Hire the best agent
Did you know that you can have more chances of selling the property if you ask for professional help? It’s essential to hire a professional to help you with everything you need to sell the property.
In some areas, dual-occupancy homes are popular. However, some neighbourhoods only have a few. So if your property belongs to an area that doesn’t have many dual occupancy homes, you need all the help you can get.
When looking for a real estate agent, hire one who specialises in dual occupancy homes. That way, they already know what they’re dealing with, and they already have a strategy to sell the place within the target date.
4. Renovate and improve the dwellings
Just like other properties for sale, you must find time to renovate dual occupancy homes. They don’t need to look brand-new. As long as they look well-maintained, you can easily find the right buyer.
However, even before you decide to sell the property, it’s recommended to have a few changes and upgrades to preserve the foundation of the property. In addition, you will learn better ways in dealing with home improvements.
If you have detached dual occupancy homes, and you’re planning to split the property into two, make sure both sub-properties are in the same condition, if ever you’re planning to sell them at the same price. On the other hand, you can sell them at different prices.
5. Know the actual worth
As mentioned, it’s best if you hire a professional real estate agent. Since you’re not updated on the pricing of real estate, it would be hard for you to put a price on a property even if it’s yours. Sure, you may already have an idea of the property price from when you bought it plus the number of years.
Unfortunately, it’s not just about that. You also need to consider other things such as the market and location. So instead of guessing, just leave it to the experts.
Have you already decided? Selling dual occupancy homes may or may not be difficult depending on the situation. But to succeed, you should ask experts to help you from planning to the actual selling of the property.
Whether you already sold dual occupancy homes or not, don’t hesitate to share your thoughts by leaving a comment below! You can also reply to other concerns if you share the same ideas.
ABOUT THE AUTHOR:
Aliana Baraquio writes for Worthington Homes, the new Home Builder in Sydney NSW who makes major life milestones happen, and stays with you through thick and thin. You can also find her trying out new recipes for barbeque and other grilled meals in her free time.