Advantages of owning a duplex
Duplexes are a great start for those who are interested in investing in real estate. And, a superb (yet out-of-the box ) strategy for first-time buyers. Duplexes are unique, and can prove to be a winning proposition!
Duplexes are usually more affordable since they are often found in more “ds”. A duplex can be a great start for you if you are looking to buy a bigger home in the near future. Also, you get rental income which helps pay off the mortgage.
- Get help with your mortgage
As I mentioned above, you can use your rental income to pay off the mortgage much quicker making it more affordable. This is one of the greatest advantages when owning a duplex which is why it’s appealing for new or seasoned investors.
To help paint a picture, let’s say your mortgage payments on the property is $1,500 per month. You rent the other half of the property for $950 a month, which leaves you only paying only $550 a month! If that isn’t turning some gears in your head then I don’t know what will.
- Live in one side, work from the other
If you’re an aspiring entrepreneur who want’s an affordable work space why not work from next door? Living next door to the office can save you time and money in the long haul. Say goodbye to the long hour commute.
- Use the second unit for family
If you have an older family that need close attention, a duplex arrangement might be a great solution. You can all have peace of mind knowing your just a door knock away. Another idea, rent it out to a family member who’s just graduated from University but can’t quite afford their own place yet. Not only will they be thankful but helping family and friends is one of the most rewarding feelings.
We’ve all heard of it but does it work? There are numerous investors (new and experienced) who are taking advantage of the Airbnb platform. Having the ability to rent out half of your property for a certain time is a win win. Check out how you can take advantage with a quick YouTube search to get started!