Over time, property development has proven its worth as a solid investment with excellent growth opportunities. And whether you own a piece of land which you plan to build on or are an investor looking for a new venture – you want to build the right type of property to make the most of your investment. Duplexes and multi-units are two very different types of unit developments that offer good investment value. By understanding their features and benefits you can choose a suitable property development type that will maximise the outcome of your investment.
Duplexes
The main difference between a duplex and a multi-unit is that they are each best suited for different sizes of land. Duplexes are developments which fit best on smaller property blocks. Duplex dwellings are built on single, undivided lots. The buildings are divided into two units that share a common wall and/or roof. These units are complete apartments with separate entryways and can be located next to each other, back to back or on separate floors in a two storey building. Duplexes may belong to two owners or a single owner.
The biggest advantage of building a duplex is that you get to own two homes, but at significantly lower costs than that of building two separate dwellings. Many owners of duplexes prefer to live in one of the units while they benefit from the second unit by renting it out as a property income, or alternatively rent out both units for double property income. Some families choose to live in a duplex to be conveniently close to each other, without having to share the same living space.
Multi-units
When a piece of land is divided into three or more lots with separate residential properties, it is known as a multi-unit. A multi-unit development is best suited for larger blocks of lands and is usually a medium to high density land development. Multi-units can consist of apartments, townhouses, houses or other types of dwellings that are on different lots, but share facilities like parking, security, or pool and barbeque areas
With many factors to consider, more paper work and complicated building requirements - the cost of developing a block of land into a multi-unit can be high, depending on the size of the block and type of units. But the return on investment is usually much larger as compared to other types of developments and successful multi-unit developments are often regarded as highly profitable ventures.
