Are you looking to buy a new home? Have you considered buying a duplex?
If not, then it’s time to think about duplex living. There are a lot of benefits that come with buying a duplex.
Interested in learning more?
Check out this guide to discover the top benefits of buying a duplex.
1. Affordability
One of the biggest benefits of buying a duplex is the cost. If you don’t have the money to buy a house, a duplex can be an affordable alternative.
Even if you do have enough money to buy your own house, you may still want to consider buying a duplex. Buying a duplex can save you thousands of dollars, and you can put the extra money you save towards other important things, like your vacation fund or your retirement fund.
2. Great Rental/Airbnb Potential
Another major benefit of buying a home in a duplex development is that it has excellent rental/Airbnb potential.
When you buy a duplex, you can rent out the other side of it via Airbnb or some other vacation rental service. Or, if you want more consistent income, you can rent out the other unit to a family member or a tenant.
This can be a great way to pay down your mortgage or make extra income for other expenses in your life.
3. More Options
Another great thing about purchasing a duplex is that you have all kinds of options at your disposal when it comes to utilizing the extra space.
If you don’t want to rent out the other side of your duplex, you can convert it into a workspace, an art studio, or a gym. Or, you can decorate it and reserve it as a guest house for when friends and family come to visit.
4. Learn the Landlord Business
There’s a lot to learn with becoming a landlord. You need to learn about property management, tenant-landlord laws, lease agreements, tenant screening, and much more. This can be a lot to digest for a lot of first-time landlords.
If you’re nervous about diving headfirst into the business, buying a duplex is a great place to start. This is because it’s a lot easier to learn the ropes when you live right next to your rental property!
Plus, this way you get to start small with just one property. Then, once you get the hang of things, you can branch out.
5. Tax Benefits
Buying a duplex also comes with tax benefits!
When you buy a home, you can deduct the mortgage interest you pay from your taxes. If you buy a duplex and live on one side, then you’re only able to write off that side.
However, if you rent out the other side, you can take advantage of additional write-offs.
You Can’t Deny the Benefits of Buying a Duplex
Now that you know the benefits of buying a duplex, it’s time to start shopping! Before you know it, you’ll be living in the duplex of your dreams.
Be sure to check back in with our blog for more home buying tips and tricks.
