Two properties are better than one
Our case study today investigates the benefits of subdividing a block with two detached dwellings. Two is always better than one, especially when investing in property by way of a knock down rebuild project. Many people are now choosing to knock down a single home and rebuild two new homes on the one block to maximise their investment. This can be done through subdividing the land with a strata title or having both properties on a community title. Two properties allow investors to bring in two rental incomes instead of one, or if intending to flip straight way, improve the rate of return.
Building two detached homes on a block comes with a range of benefits that a duplex simply can’t compete with. The first being that two detached dwellings are almost always worth more than a duplex and will appeal more to buyers.
Another benefit is that both homes don’t necessarily have to be built at the same time, meaning you can finance one build before you finance the other. If the block of land is an awkward shape, two detached dwellings will be easier to develop when you factor in the cut & fill, and the levelling of the land. From a liveability perspective, having two separate buildings also means more opportunity to capitalise on natural light and the surrounds on both sides of the home.
Coral Homes recently completed a knock down and rebuild of two homes on the one block in the popular Gold Coast suburb Broadbeach Waters. The knock down rebuild project features two of our New Hampshire 33 products, which have been specifically designed to fit on a block with narrow frontage (10m wide or more). Specialising in narrow home designs for 9.5m or 10m frontages, these types of homes are perfect for a subdivided block.
Coral Homes QLD State Sales Manager Brad Richardson said “we do lots of knock down rebuilds, and our range of home designs which can fit on blocks as small as 10m wide are perfect for these kinds of projects. The quality of the homes we’ve built at Broadbeach Waters really complement the picturesque canal views.”
The Broadbeach Waters homes are located at 16A and 16B Huon Street, Broadbeach Waters 4218. The display home at 16A is open for viewing by appointment and 16B is rented out, which is precisely why the original block was subdivided – greater returns for the owner. The original home prior to knockdown was valued between $850,000 – $900,000, and Keys Realty Agent Angie Croy has estimated the two new homes to have a combined value of $3 million dollars.
If you would like to visit the New Hampshire 33 on display in Broadbeach, please contact Hannah Edwards on 0448 116 121 to book your private appointment.