With excellent returns on investments and a growing demand for housing, it is no surprise that many Australians choose to invest in property development to help ensure their future financial security and increase their wealth. If you are also considering building or expanding your property portfolio by developing a block, then you may want to consider one of these four popular types of property developments:
1 – House behind house
If you own a house on a large property then a good property development option for you may be to divide your block in two and add another dwelling to it. A house behind house development gives you the opportunity to invest in a new home, whilst still keeping your current property. Because you are already own the land, this is a good way to start off in the property development market, as it is usually less complicated and less expensive.
2 – Duplex
A duplex is a low-maintenance, dual-occupancy development that allows you to invest in the property development market in an uncomplicated and affordable manner. Duplexes consist of one building, on a single lot, which is divided into two dwellings that share a common wall. These homes can be side by side, on top of each other or one behind the other, depending on the size and shape of your land. By building and owning a duplex you have the opportunity to live in one unit and rent the other, or to make a double property income by renting out both of the units. You can also choose to sell one or both of the units.
3 – Triplex
Triplexes are high density unit developments that allow you to build three dwellings on a single site. Building a triplex is more complicated than building a duplex and it requires good planning, skills and expertise to ensure a successful venture. Although this may make it a more expensive development option, it does have the potential to be very profitable in the long run.
4 – Multi-unit
Multi-unit developments have the potential to maximise the use of your land, through dividing and developing a large block into many medium or high-density units. Multi-units can consist of houses, townhouses, apartments and other units which usually share common facilities like parking areas or security. Building a multi-unit development may be very complex and costly, with many factors such as property divisions, drainage and sewerage to take into account. This type of development also usually requires more paper work and permits from local authorities, but has proven to be a very fruitful investment once completed. This makes it an ideal project for a group of first-time developers or a professional developer to take on.
Property development and investment may seem like a big and daunting task, which has the potential to be very costly. But with the assistance of the right team of experts you will soon be well on your way to developing your block of land and reaching its maximum potential. The team at Ross North Developments has over 40 years of experience in property and unit development in Perth. They specialise in providing you with the best advice and expert investment solutions. Contact them today for more information.