A dual-key property is a “home and income” or “income and income” configuration, where a residential property is configured to create two rental income streams.
The name “dual key” comes from the front door leading to two lockable doors that flow onto the separate interiors.
A dual-key dwelling is designed to house two separate tenants with their own living space and so earn higher rental income than an equivalent-sized home with two bedrooms shared.
The property retains the benefits of buying a new build, such as low LVR, built-to-current code, and low maintenance.
You still earn rental income if one-half of your property is vacant.
Flexibility With two rentable spaces, owners can mix and match their strategy. Buy and hold, furnished or not, short-term lets, live in one and rent the other (or AirBNB when you are away). We know of one investor who bought a dual-key unit to work from one unit during the week, and he rents the other out on Airbnb.
You are purchasing a property in the development located at 10-12 Humphreys Pl, Mangere, Auckland. The property is a Freehold Strata Titled Unit, a common form of ownership for apartments and townhouses.
Your deposit is held in trust by Wynn Williams, a law firm based in Auckland. Interest that accrues during construction is in your benefit (it is deducted from the purchase price at settlement).
Yes, a Body Corporate will be in place to manage insurance, rubbish collection, and common area maintenance. Details of the Body Corporate including a preliminary budget are available from your salesperson.
Dual Keys are designed to optimize the rental yield by minimizing development fees, while creating two rental streams. As such you are purchasing a single legal residential property. While there are separate lockable entrances into the internal units, the property is still classed as one home. As such, one unit inside your property comes equipped with a full kitchen, while the second unit contains a kitchenette area, with space to plug in bench-top appliances (which will be supplied). The legal tenancy will be a per-room rental over the whole property, to separate parties, each of whole will access their own area inside the townhouse via separate locable entrances.
Each tenant will pay their own power, water and gas costs. Due to it being one legal dwelling, internet must be shared and paid by the owner. The property manager will include internet with the rental appraisal.
Start Right Property Management has been appointed property manager for the first year following completion, for all owners that elect not to self-manage or rent on AirBNB.
A single property manager enforces rent levels to be maintained in the initial letting phase, and Start Right Property Management has experience letting and managing dual key properties.
As the property has not yet been constructed there is no registered valuation. The price structure reflects competitive value, and believe the appraised gross yield is exceptional in the Auckland property market.
A set of appliances will be included with your purchase. These are included in the spec. Depending on your rental strategy, you might want to include extra furnishings. Adding a blinds package is recommended.
There are no restrictions in the body corporate that would prevent renting your property on AirBNB. We have enclosed an appraisal from a specialist short term let rental agency. Please note you will need to fully furnish your property for AirBNB, however the manager will handle cleaning.
