Dual Occupancy Dreams in Melbourne: Affordability or Financial Folly?
Building a Dual Occupancy in Melbourne: The Lolly Scramble or a Reality Check?
Let's face it, Melbourne property prices are enough to make your fairy bread turn soggy. But fear not, intrepid dreamers! Dwelling amongst the millionaires isn't out of reach, thanks to the magic of dual occupancy. That's right, build two abodes on one block of land and share the costs (and the potential future squabbles about who gets the bigger backyard... but that's a story for another day).
But before you grab your hard hat and yell "reno time!", the big question looms: how much moolah does this magic trick cost?
Well, buckle up, because the answer is... it depends. Like that elusive fairy floss at the carnival, the final price can feel frustratingly out of reach. Here's why:
- The Block: Is it a shoebox or a sprawling estate? The size and slope of your land can significantly impact costs.
- Those Fancy Finishes: High-end appliances and marble countertops? Prepare to spend more than a Bunnings snag.
- The Two-Headed Permit Beast: Navigating council approvals and permits can feel like wrestling a particularly grumpy wombat. Factor in these costs too.
- The Tradies on Parade: Bricklaying Brad and Sparkly Sheila don't work for free (and rightly so!).
So, How Much Are We Talking Here?
Alright, alright, enough with the suspense. A rough estimate for a standard dual occupancy with good quality finishes lands in the ballpark of $750,000 to $950,000. Think two, decent-sized 3-bedroom homes.
But if you're after McMansions with gold-plated sinks, you're looking more at $1 million plus.
Here's the good news: By splitting the costs with your future housemate (think: investment property or a very agreeable sibling ), that financial burden becomes a whole lot lighter.
Dual Occupancy FAQs:
1. How to Know if My Block is Suitable?
Check your local council zoning regulations. Some areas have restrictions on dual occupancy developments.
2. How to Find a Builder?
Get quotes from reputable registered builders who specialise in dual occupancy projects.
3. How to Avoid Permit Nightmares?
Engage a town planner to guide you through the council approval process.
4. How to Budget for the Unexpected?
Add a 10-15% buffer to your budget for unforeseen costs.
5. How to Survive Sharing a Driveway with Your Future Housemate?
Rock, paper, scissors – winner gets the coveted on-street parking spot!
Remember, building a dual occupancy is a complex but potentially rewarding adventure. Do your research, get expert advice, and most importantly, maintain a healthy sense of humor. After all, renovations and disgruntled wombats are all part of the Melbourne dream!