Have you found the perfect block for your dream home, but the land is simply too large for your needs? Perhaps you should consider a multi-dwelling development, creating the home of your dreams while unlocking the potential of your entire block in the process.
What is a multi-dwelling development?
A multi-dwelling development refers to when a piece of land is subdivided to accommodate more than just a single home. This could be in the form of a side-by-side dual occupancy development or multiple townhouses or units. There are many benefits to this type of project, but the big one is that it will allow you to make the most of your property while generating a potentially significant return on investment.
You’ll maximise value of your land
A multi-dwelling development in Melbourne can be a very smart financial choice – especially in the current housing market. With an increased population density in inner-city suburbs and a huge demand for housing across many suburbs, property development is becoming a popular way to see a quick return on investment.
Of course, you’ll need to do your research when it comes to the feasibility of your proposed development. Before purchasing a block of land with a development in mind, you’ll need to carefully consider the location, current demand for housing in the suburb, location of key services and population growth in the area.
You’ll have flexibility
Not only is a multi-dwelling development a smart investment, you’ll have plenty of flexibility once the project is complete. For example, you could live in one house and rent the others out for a consistent income. Alternatively, you could offer one or more of the homes to family members for a reduced rent to enjoy multi-generational living.
If your property is located in a busy tourist area, you could even turn one of the homes into an Airbnb or holiday house to generate income during the busy holiday season. This means you’ll likely be able to enjoy the property alone during the quieter months!
Perfect for downsizing
If you’re looking to downsize from a large high-maintenance home, then a duplex or small multi-dwelling development is a perfect choice. This will allow you to live in the area you love while trading your large family home in for a low-maintenance option that will lessen your workload around the house.
One of the reasons why multi-dwelling developments are such a great option is that they are lucrative investment opportunity, likely to provide you with a strong a return. Property development can be a quick and easy way to generate revenue and even offset your mortgage. Get the home of your dreams while being financial savvy – what more could you want?
Are you looking to work with a builder who knows how to create a multi-dwelling development that will generate a substantial return on investment? Get in touch with Costas Constructions today and let’s chat about your options.