Dual Key Apartments: A Smart Investment for Australian Expats and Foreign Buyers
Dual key apartments are a type of property that is divided into two separate units. This can be a great option for expats and foreign buyers, as it offers the flexibility of living in one unit while renting out the other.
Buying a dual key apartment can be a great way to get the best of both worlds. You can live in one unit while renting out the other. This can be a great way to generate income and build equity in your property.
What are dual key apartments?
A dual key apartment is a type of property that is divided into two separate units. Each unit has its own kitchen, bathroom, and living space. The two units are typically connected by a shared hallway or foyer. Dual key apartments are a popular option for investors and families.
For investors, dual key apartments offer the potential for higher rental income. This is because the two units can be rented out separately, or one unit can be rented out and the other used as a home. Dual key apartments can also be a good investment for families with extended family or friends who need a place to stay.
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Why dual key apartments? Benefits that make you go 'wow!'
Dual key apartments present a number of enticing advantages, especially for expats and foreign buyers:
- Additional Income Stream: Renting out the secondary unit can provide a steady income, helping to offset mortgage repayments or contributing towards other investments.
- Tax Advantages: Depending on your personal circumstances, there may be tax benefits associated with investing in dual key properties, such as depreciation deductions.
- Flexibility: Dual key apartments offer a range of living arrangements. You can live in one unit and rent the other, use both for rental income, or accommodate extended family while maintaining privacy.
Benefits of dual key apartments for Australian expats and foreign buyers
There are many benefits to owning a dual key apartment. For expats, dual key apartments can provide a home base in Australia while you are living overseas. You can use the apartment to stay when you are in Australia, or you can rent it out to generate income.
For foreign buyers, dual key apartments can be a good way to get your foot in the Australian property market. They are typically more affordable than traditional apartments, and they can be rented out to generate income while you are overseas.
How to find dual key apartments in Australia
There are a few ways to find dual key apartments in Australia.
- Online listings: There are a number of websites that list dual key apartments for sale or rent. You can search by location, price, and other criteria.
- Real estate agents: Real estate agents can also help you find dual key apartments. They will have access to properties that are not listed online.
- Word of mouth: Talk to your friends, family, and colleagues. They may know of someone who is selling or renting a dual key apartment.
Tips for buying a dual key apartment
Here are some tips for buying a dual key apartment:
- Do your research: Before you start looking at properties, it’s important to do your research and understand the market. This includes understanding the demand for dual key apartments in your area, as well as the average prices.
- Consider your needs: Once you understand the market, you need to consider your own needs. What are you looking for in a dual key apartment? How many bedrooms and bathrooms do you need? How much space do you need?
- Get pre-approved for a loan: Before you start looking at properties, it’s a good idea to get pre-approved for a loan. This will give you an idea of how much you can afford to spend.
- Work with a real estate agent: A real estate agent can help you find the right dual key apartment for your needs. They can also help you negotiate the price and close the deal.
- Be prepared to pay a premium: Dual key apartments typically command a premium over traditional apartments. This is because they offer more flexibility and potential for rental income.
- Make sure the apartment is in good condition: Before you buy, have a qualified inspector look at the apartment and make sure there are no major repairs that need to be made.
- Consider the future: When buying a dual key apartment, it’s important to consider the future. If you plan to have children, make sure the apartment is big enough for your growing family.
- Be flexible: When buying a dual key apartment, it’s important to be flexible. You may not find the perfect property right away, so be prepared to compromise on some things.
Dual key apartments can be a great option for Australian expats and foreign buyers. They offer the flexibility of living in one unit while renting out the other, or they can be used to accommodate extended family or friends. Dual key apartments are also a good investment, as they typically command a higher price than traditional apartments.
Are you an Australian expat or foreign buyer looking for a flexible and potentially profitable investment? If so, a dual key apartment may be a good option for you.
Odin Mortgage can help you find the right home loan and get the financing you need. Contact us today to learn more.
Get a free Australian mortgage assessment today.
Frequently asked questions
What is an example of a dual key apartment?
A dual key apartment is a type of property that is divided into two separate units. Each unit has its own kitchen, bathroom, and living space. The two units are typically connected by a shared hallway or foyer.
What is the dual key concept?
The dual key concept is a way of dividing a property into two separate units. The two units can be used for different purposes, such as living and renting.
What is the advantage of dual key?
The advantage of dual key is that it offers the flexibility of living in one unit while renting out the other. This can be a great option for expatriates and foreign buyers, as it allows them to have a home base in Australia while they are living overseas. Dual key apartments are also a good investment, as they typically command a higher price than traditional apartments.