All Topics / Value Adding / Dual Occupency

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of redhotjoeredhotjoe
    Member
    @redhotjoe
    Join Date: 2009
    Post Count: 1

    Dear Fellow Investors………..

    I have finally gained council approval for a dual occupancy on a 1/4 acre block of land I purchased a couple of years ago in far NQ as an IP. This property has a nice high-set fibro on it and has commanded excellent rent over the years, without a week of vacancy.

    I will shortly be starting the additional property on the rear of this block and plan is to eventually strata the two properties, as individual titles would not be possible. This would allow access to additional capital within the second property for further investing.

    After making enquires for quotes, I am told by my current insurer (AAMI) that they do not cover two properties on one title, unless these properties are strata titled immediately after the build is completed. Has anyone come across this same issue, as I am assuming that there must be companies who'd insure two or more dwellings on the one title?

    Regards

    Redhot     

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    Contact a broker, they will put on you the right track

    Profile photo of MysteryMystery
    Participant
    @mystery
    Join Date: 2006
    Post Count: 87

    Interesting redhot, … our dual occupancy development (SE Qld) is due for completion in around 3-4 weeks, ….. I may need to look into this as we were going to keep the properties on one title for the time being.

    Mystery

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404

    Double check. I just bought a property that I will divide to make a granny flat. They said let them know when that happens so they can change the insurance. It's not 2 separate buildings though.

    Just go somewhere else if it's not possible. Plenty of people have dual occs so someone must insure them. You are insuring the house, not the land so I would assume 2 different building insurances.

    Profile photo of mattstamattsta
    Participant
    @mattsta
    Join Date: 2011
    Post Count: 604

    Consult with a broker and may be find out if you can have two different insurances for both buildings. 

    Profile photo of XeryusXeryus
    Participant
    @xeryus
    Join Date: 2012
    Post Count: 5

    AAMI insures my IPswich property which is on 1 acre with two homes, dual oc…weird..i might call them to double check mines done properly.

Viewing 6 posts - 1 through 6 (of 6 total)

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