A multi-family property is a residential property with multiple housing units, each with its own bathroom and kitchen, wherein more than one family resides. It can be a duplex (a second storey extension will help achieve this), townhouses, or semi-detached homes.
Although it might seem like a great idea to invest in a multi-townhouse property, you might want to consider building a multi-family property instead. As multi townhouse builders in Melbourne tend to be more expensive, a ground floor house extension or double-storey extension is a more cost-effective way to build a multi-family property, whether for residential or commercial purposes.
Investing in a multi family property is relatively straightforward compared to commercial real estate. A multi-family property allows you to acquire several units with one loan (instead of taking out a loan for each home), and you can avail of an insurance policy from insurance providers that are already familiar with such a setup.
But the most common type of multi family property investment is a complex with several units or an apartment building. The benefits this kind of property brings are the reasons more people prefer it over a multi townhouse.
Multi Townhouse & Extension Builders Melbourne
When it comes to townhouse designs, there are unique ways to go about them. The usual impression that comes to people’s minds with townhouses is that they are usually compact, narrow, and cramped.
The key to townhouse designs, which are modern, spacious, and versatile, is excellent structural design. Modern-designed townhouses usually include a balcony, living room, bedrooms, and lawn. They are taller and can either be single or double-storey units.
But if you’re looking to add more space without spending a lot more money, townhouse builders like Mass Constructions can help you build an extension. Even with limited space, such as a townhouse, there are various creative ways to add a house extension.
- Create extra space with a porch: Building a porch can serve as a convenient buffer, especially if the front door of your townhouse opens directly into your living room. It’s also perfect for making a narrow hallway look more spacious.
- Extend the living room: Extending the living room is one of the best ways to create more space without spending too much. Linking the old with the new with an open floor layout is a great way to create an illusion of a bigger space.
- Upgrade a small kitchen extension with uniform flooring: Installing continuous ceramic tile flooring on your kitchen floor and patio is a great way to make an extension look bigger.
For multi townhouse builders in Melbourne, Mass Constructions have the experience designing and building ground and second storey house extension. Talk to us about how we can extend your multi townhouse property.
How Much Land Do You Need to Build 3 Townhouses in Melbourne?
Answering the question of how much land you need to build 3 townhouses in Melbourne is not straight forward. There are a wide variety of variables to consider, especially in relation to the size and dimensions of the townhouses you wish to build.
But land size is not the only determining factor in the number of townhouses you can build on a specific land area. You also need to consider the site orientation, as this will determine the number of townhouses you can have and their sizes.
Save yourself the hassle of dealing with different factors by opting to extend your property instead of building a multi townhouse property. When you choose to extend your existing property, it doesn’t only create more space but also boosts the resale value of your property.
It’s a cost-effective way to elevate the look of the building while expanding it to create more houses to build your portfolio.
Create Multi Family Townhouse Plans Or Add an Extension?
If you have multi family townhouse plans, adding a house extension might be better – and turn it into a multi family property. Adding an extension provides a wide array of benefits, including having additional space that suits modern-day living.
One of the fundamental reasons why property owners opt for extension plans is to add space to either – extend their living room, revamp the kitchen, or integrate a dining area. Another modern concept that you can incorporate with an extension is the open-plan layout, which helps open the space up to make it brighter and looks more spacious.
Adding an extension gives you a chance to give your property a facelift to either add a modern touch or a similar design to the existing property.
Investing in Multi Family Properties
Real estate is a great investment option for those who can’t handle the unpredictable state of the stock market. And what’s great with real estate investing is that there are multiple ways to succeed in this field.
One way you can dip your hands into this lucrative industry is by investing in multi family properties. As the name suggests, a multi-family property is a building with more than one space for rent.
Several advantages come with investing in a multi family property over single-unit properties, including:
- Easier to finance: Although it’s much more expensive to acquire a multi-family home building than to purchase a single-family property, it’s easier to get approved for a bank loan as multi-family real estate consistently brings in steady cash flow monthly. And it stays the same even if there are a couple of vacancies or some tenants are late with their rent payments.
- It’s faster to grow a portfolio: Multi family properties are also suitable for investors who want to build an extensive portfolio of rental units. It’s easier to acquire a 20-unit apartment building and more efficient time-wise than acquiring 20 different single-family homes.
- It’s financially sound to hire a property manager: Many one or two single-family homes don’t have the luxury of availing the services of a property manager since it’s not financially feasible because of their small portfolio. The money that multi family properties generate in a month allows their owners to hire a property manager without hurting their bottom line.
What Are the Alternatives to Building a Multi Unit Townhouse?
While a multi-unit townhouse is an excellent investment, more often than not, they don’t offer enough space to meet the demands of a growing family. But if you’re keen on investing in multi unit properties, there are better alternatives such as:
Multi Family Townhouse
If you want to expand your existing townhouse property, a multi family townhouse is a great idea. It’s still possible to extend a townhouse and add another room, change the kitchen layout or add another room.
Multi Level Townhouse
If you want to add extra bedrooms or bathrooms, then you can opt for a second storey house extension. It’s the perfect solution if you need more space but doesn’t have the lot area for a ground floor extension.
Multi Unit Developments
Multi unit developments are property development projects with more than one house, townhouse or unit constructed on a single lot. They are some of the sought-after properties due to population growth. Multi unit developments are highly profitable investments because they are strategically planned and well researched.
If you have a single-home property, converting it into a multi-unit development is possible by house extensions. With property planning and the help from an experienced custom builder like Mass Constructions, it is possible to build multiple homes in one lot.
Multi Dwelling Development
Multi dwelling developments refer to five or more dwelling units such as apartments, condominiums, a complex of mobile homes, and townhouses but don’t include single-dwelling properties.
If you already have an existing property investment in a single lot but want to capitalise on the demand for more housing, talk to Mass Constructions. We can help you transform your property into any multi-property development through a custom house extension that will perfectly complement the existing property.
Multi Dwelling Homes
When investors start their real-estate investment venture, most investors tend to gravitate towards buying a single-family property to rent out. Though it’s more straightforward, investing in multi dwelling homes makes more sense in the long run because they are a more reliable source of income, scalable, and have quantifiable appreciation metrics.
- Dependable income: The benefit of having a reliable income largely depends on the type of property. Having a multi dwelling home means you don’t have to rely on one family to pay their rent before you gain profit. With multiple dwelling homes, it is unlikely that you’ll have 0% vacancy at all times or that all occupants will not be able to pay rent on time.
- Scalability: Investing in multi dwelling homes allows you to grow your portfolio faster than single-family homes. Acquiring and maintaining multiple single-family houses is less efficient and profitable compared to when you buy and manage one multiple dwelling property.
- Quantifiable appreciation metrics: With single-family homes, the appreciation of the property heavily depends on the properties within the same neighbourhood. If you are a multi-property investor, you can dictate the value of your property. It is possible to raise the asset income through renovations, operational efficiencies, and marketing strategies.
Multi Dwelling House Designs
Transforming your existing single-home property investment into a multi dwelling home gives you the opportunity to earn additional income. Some multi dwelling house designs include:
- Convert your single-home property into a multi dwelling property by building a separate living area with bedrooms and bathrooms that are completely closed off from the main property. Each bedroom can have direct access from the outside, which suits best as an Airbnb accommodation.
- Build a second dwelling attached to the main house, with each house completely self-contained. And each living space is facing a different direction.
- Two completely separate homes under one roof is a compact yet incredibly functional multi dwelling house design that is perfect for city living. The attached home is also another large, fully self-contained unit joined by two single garages, while the outdoor living areas for each unit face different directions.
For a customised multi dwelling house design, consult Mass Constructions. We can assist you with a custom house design that will suit your existing property. With over a decade of experience in designing and building ground and second storey house extensions, we’ll be able to advise you with a design that will suit your budget and preference.
Contact Mass Constructions for a Building Plan Consultation
With all the benefits that come with a multi home property investment, it’s a practical and financially wise decision to convert your single-home property into a multi dwelling property. Aside from it being a dependable stream of income, it also comes with tax benefits and allows you to have consolidated property management.
With the demand for housing constantly increasing yet a growing number of middle-class families unable or unwilling to purchase their own residential property, you’ll be able to build your portfolio in less time.
Mass Constructions can help you convert your existing property into a multi home property. Our combined 50 years of experience in designing and building house extensions will come in handy in creating a plan to build a multi dwelling house design that will attract potential renters.
We have designed and built a wide range of ground and second storey extensions and renovations for our clients across the south east Melbourne suburbs. Browse our portfolio of recently completed projects to get an idea of how we work. You may also check the testimonials from our satisfied clients as a testament to our commitment to creating premium quality house extension and renovation projects. Give us a call, and discuss the building plans you want for your property.