If You follow us on Social Media (If you don’t you should) you’ve probably noticed a couple of properties we just listed with multiple units. So it got me thinking, what are some of the advantages of owning these types of properties and why you should consider it!
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!
Five advantages of owning a duplex
A duplex can be a great start for you if you are looking to buy a bigger home in the near future. Why? Rental income. The potential to finish `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 workspace 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 doorknock 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 click youtube search to get started!