It pays to have two dwellings on one property
1 Find out whether your area is zoned for dual occupancy, then ask council about development applications, design and building guidelines, regulations for subdivision, and building approval. 2 Talk to your mortgage broker and/or bank and accountant, to understand the financing, set a budget, and factor in tax implications or benefits. 3 Look into the various building options. You can go for a kit or modular home, become an ownerbuilder or have a construction company do the lot. 4 When sharing assets with family, get legal advice and written financial agreements. Account for everyone, including those people not involved in the new investment, and update wills. 5 Find out if the rental market is there. Check real estate ads, talk to local agents and compare current rents in your area. Are any new housing developments planned that could affect demand?