Are you looking to purchase or build a new duplex house? Or maybe you’re searching for the perfect investment property to help you generate some additional income.
You’ve probably looked at plenty of other options like single-family homes, townhouses, and condos, but have you considered a duplex house design?
Duplex house designs are made up of two separate homes and give owners several advantages.
Here are some advantages of owning a duplex that everyone should know about.
Affordability
Duplexes can be surprisingly affordable, even though they are made up of two homes. Duplexes are often found in the suburbs and therefore more affordable than other types of homes, such as townhouses or condos. These homes are perfect for those who have a limited budget and are first-time homebuyers.
Potential Rental Space
This is one of the greatest benefits of owning a duplex. Renting out the property’s other side can help you earn additional income if you intend to live there. You can also rent the duplex to more than one tenant if you purchase it as an investment.
Two Homes Instead Of One
Duplex homes are a great way to maximize your land. You get two homes for the price of one. The property can be rented to two tenants. Each side can also be sold separately because it is divided into two single-title homes. This allows you to earn more and double your return than if you owned a single-family house on the same property.
Minimize Your Mortgage Rates
Because you’re able to rent out one or both units, you can use the rental income to help pay down your mortgage. For example, let’s say you purchase a duplex with a mortgage of $1400 per month. If you choose to live on one side and rent out the other for $700 a month, you’ve just cut your mortgage payment in half. Or, if you rent out both sides for $700, your mortgage will be completely paid for.
Plus, because mortgage companies consider duplexes to be single properties, homeowners are usually given lower interest rates for them. This, combined with the rental income, means you could potentially pay off your mortgage a lot sooner.
Family Can Stay
Are you caring for elderly relatives, people with special needs, or those who just need somewhere to live? You can offer your family members a safe, affordable option for housing by purchasing a duplex. You are also close enough to help them in an emergency.
The Bottom Line
Although there are downsides to living in a duplex, it is worth the many benefits. You can build a small network of friends and neighbors by selecting people with the same values you do.
