Co-Living properties are a new type of multiple-income property available to investors. They are purpose-built homes designed to cater to separate tenancies within a single property. The dwellings are designed with additional features that enable individual tenants more privacy and will generally include bigger rooms with ensuites, lockable pantries, and extra storage. Each one of the rooms in a co-living home is semi-self-contained and offers a similar rental opportunity to a micro-apartment.
Co-living homes are often managed by specialist property managers with experience in these types of leasing arrangements.
A co-living home doesn't have the same Council approval requirements that a Boarding House or Rooming House has and can therefore be built on a standard residential block of land. A Co-living property instead works on the premise that an investor is allowed to rent out rooms to up to three different parties without needing any additional local Council approvals. In some areas, the local Council rules may allow for other tenancies within their specialized Co-living policies.
In new estates, there may be a need for Covenant approval from the developer. However, other than these developer approvals, a Co-living home is the same as a traditional residential home; only it has additional bathrooms and bathrooms.
From the street, Co-living homes will appear like ordinary residential homes. However, the floor plans allow tenants to reside in their designated area and provide a modern form of affordable living.
Each floor plan offers the following:
The below floor plans show a standard Co-living floor plan that can be used to fit on a small residential block of land.
Advantages of Co-Living:
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