Would you consider sharing a property with your parents to reduce your mortgage and living expenses? We look at dual occupancy and living with your parents.
What Does It Look Like?
Dual occupancy may sound like an invasion of privacy, but it is far from it. Put simply, it is one block of land that consists of two separate dwellings - how this looks is up to you. You could choose to attach the homes, think of a duplex, or you could have a completely separate residence, a granny flat or a POD. Your main consideration is of comfort and creating an environment that can grow with your lifestyle and meet your needs. Check out The Shed House’s wide range, including various granny flats or POD alternatives.
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Dual Occupancy With Your Parents
No matter your lifestyle or circumstances, it is worthwhile to think about dual occupancy. Even if your parents are not at the stage where they are looking to sell their home, dual occupancy is a way to save money, streamline expenses, and allow for downsizing in a way that will benefit the whole family. It can also offer the opportunity to build a stronger connection with family and puts your parents in a better position to help with the grandchildren.
When your parents are considering alternatives to maintaining their home, dual occupancy is a great alternative to buying another property or thinking about a retirement village. It gives your parents their own space and enables them to maintain their independence. Not only this, but it gives you peace of mind knowing you are close enough to assist them if needed, without infringing on privacy.
In The Long Run
By teaming up with your parents, you are in a better position to purchase the property of your dreams. You will have a greater deposit, which will reduce the mortgage on your home. Dual occupancy with your parents can also improve the value of your investment in the long run. A granny flat has multigenerational living appeal to many families on the Sunshine Coast whose teenagers need space, or they have hobbies need room. If your circumstances change, or your parents are not ready for the move, you can live in one and rent out the other, providing you with an additional source of income. Talk to The Shed House to discuss your options today.