This is a guest post by Joy Bender Who blogs at Pacific Sotheby’s Realty.
If you’re looking for a new home and trying to make some extra passive income off to the side, buying a duplex may be the route for you. Click here to learn about all the perks of duplex ownership.
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But, when it comes to buying a home, especially one you want to rent, some are better than others. This is where duplexes come in.
A duplex is a home with two separate entrances. These can either be on separate floors or side by side. They’re trendy alternatives to apartments and come with a mound of benefits.
Below are some of the benefits of buying a duplex.
You Can Rent One of the Two Units
The most appealing aspect of owning a duplex is that you can live in one part and rent the other. This is especially useful if you take out a mortgage to buy your property.
It’s also great if you have a family member that needs extra care. For example, if your parents are elderly and need regular help, they can rent the space instead of moving into a care home.
This type of living situation is perfect for families. This is because it cut costs while allowing everyone in question to maintain their independence.
Duplexes Are Perfect for Airbnb
If you rent your property on platforms like Airbnb, it can be difficult to find the time to do changeovers. In fact, many pay for cleaning services.
But, if you’re living in a duplex, you can manage your own rental property. You won’t have to rely on others to do it for you and it won’t take you a minute to assist guests with queries.
Additionally, short-term rentals allow you to charge more. Plus, if you live in an area famous for specific events, you can increase your prices during these times.
You’ll Be Close to Your Tenants
While being a landlord has its perks, it also comes with various downfalls. One of the biggest issues is finding the time to assist tenants while juggling day-to-day responsibilities.
Some landlords live on the opposite side of town from their tenants. Others live in larger cities where traffic can be a nuisance. With this in mind, emergency situations such as leaking pipes can seem like the end of the world if you’re a landlord with a property halfway across town.
By living in a duplex, you can be on call night and day. It’ll be easy for you to tend to your tenants. It’ll also give you the chance to ensure they’re respecting the rules outlined in their tenancy agreement.
When buying a home, you can deduct the interest you pay on your mortgage. With a duplex, you can only deduct the interest from the area you live in.
That said, by renting the other half of your property, you can enjoy additional tax reductions. In fact, you can write off all the cost you incur from renting your second unit. These include:
- Fees for renting the property
- Property management costs
- Repairs to the section of your home you’re renting
- The utility bills for the rental
You can also deduct expenses you share with your tenants. For example, if you share a wifi connection you can deduct these costs.
Buying a Duplex Comes With Mortgage Advantages
Mortgage lenders give people wanting to live in the property they buy more favorable fees. They also offer lower interest rates.
With a duplex, the mortgage lender will consider both areas of your home as one property. With this in mind, you can live in one area of your home while renting the other.
You will qualify for lower rates on the area that you occupy. You may also qualify for a larger mortgage by renting the unoccupied area of your duplex.
You Can Increase the Resale Value
By investing in a duplex and renovating it to make it rentable, you’ll increase its resale value. While this applies to all real estate investments, there are some extra benefits with duplexes.
With a duplex, you can renovate one section and sell it for a considerable profit. If this is an option you’d like to consider, make sure the duplex has:
- Separate entrances
- Their own kitchens
- Individual utilities
All the above are strong selling points that will ensure you get the best price for your property. Before you buy and renovate your home, you must also consider the following factors:
These are just some of the factors that influence the resale value of your home.
It’s a Great Learning Experience
A duplex is a great way to learn about the real estate market. This type of property is an affordable way to buy a home and a rental property at the same time.
Aside from teaching you more about the real estate industry, you’ll get a glimpse into the landlord business. Through this experience, you’ll learn about:
- Landlord-tenant laws
- Understanding Credit Reports
- Lease requirements
- Rent collection
- The tenant screening process
- How to budget when buying a home
You’ll also be present for all renovations thus enabling you to gain experience for any future projects.
You Can Find Duplexes in More Affordable Neighborhoods
You can find duplexes in more affordable neighborhoods. This combined with the extra income can help put you on track to buy your dream home in the future.
You can either choose to renovate and sell your duplex or you can save enough money for a second mortgage to buy your dream home.
Find Your Next Duplex With Eileen Anderson
Buying a duplex gives you a foot in the door to the real estate industry. It also gives you the opportunity to earn extra income through rentals.
Not only this, renting a duplex is fantastic as you’ll be living just next door. You can help your tenants integrate into their new home while also ensuring they don’t breach their contracts.
If you believe a duplex is the best option for you, contact me today.
Begin your search to find the property of your dreams in the perfect location to meet all your lifestyle goals.