Benefits of Living in a Duplex House
With prices of real estate property hitting rock bottom, buying a duplex type property becomes viable. With a duplex, you have an option to live in or invest. A duplex is a house or building with separate entrances for two families. The units can either be two-story or side by side. There are many benefits that can be derived from owning a duplex design property.
Low Barrier of Entry
One advantage of a duplex house is that if you decide to sell the house along the way, you can offer both units separately. Buying half a duplex is a great way for a first time home buyer to enter the real estate market. It is more affordable compared to a single family home with similar number of baths, square footage, and condition making it ideal for customers wishing to enter the real estate market.
Extra Source of Income
A duplex house can give you an additional source of income. If you buy a duplex designs property, you can live on one unit and rent out the other unit. You not only save on residing on the other unit but also receive continuous cash flow on the other. The cash you generate from the rental unit is enough to take care of various expenses.
Opportunity For Living with Family
When a family member needs to be closely supervised but also demands some privacy and space, you can have them live on the other unit without infringing on your privacy.
Opportunity For Future Rental Space
A duplex can give you an opportunity of having a rental property in the future. Should you decide to relocate to another property in a few years, you can use the duplex as a rental property. Not only will you have two units for rental but also give you the opportunity to be a landlord and gain perspective from both tenant and landlord.
Training in real estate
When you rent out one or both units of your duplex, you get trained to manage a property. If you are planning to venture into a career in real estate, managing the duplex can be a good starting point. You can give enough knowledge and experience in being a landlord. You can start with the duplex before eventually managing larger properties.
A duplex can be a great option if you plan to own a home for the first time. The popularity of these properties is increasing so you can find the right one to help you get started with owning a home.