Want to Buy a Duplex? 3 Living Situations Worth Considering
Posted on: 26 August 2020
After saving up enough money for a down payment on a property and emergency funds, you may feel confident about becoming a homeowner. While many individuals will purchase a single-family home that they can start a family in or even live in for the rest of their life, you may be more interested in getting a duplex for the flexibility that this kind of property can provide. Figuring out how you want to handle owning a duplex will help you decide on a living situation that satisfies your wants and needs.
One of the major advantages that comes with buying a duplex is being able to rent out both units and generate enough income to cover the housing expenses altogether. This may allow you to continue renting in the same place or a new one with an increased budget due to rental income. When picking a duplex, you should decide whether you want a turnkey property that does not require any work to start renting. If you are comfortable with working on projects, you may be able to get an excellent deal on a property while experiencing less competition from buyers.
Another living situation after becoming a duplex owner is living in one of the units. This comes with a nice perk in being able to pick the unit that you live in with your family. If you intend on living in the duplex at any point in time, you should make the necessary demands to get at least one unit with everything that you need regarding square footage, bathrooms, and bedrooms. Operating a business or being self-employed means that you may be able to dedicate one of the units to work exclusively. If you are able to use an entire unit for work, you can look forward to tax deductions that make it a little more affordable to own a duplex that you live and work in.
If you plan to live in one unit and do not have any concrete plans for the other one, you will find that sharing the duplex and property is a viable option. This is something that you can do by inviting your parents or other relatives to live in the unit that will be unoccupied. If you want to be extra close with your family, you will find that owning a duplex gives you a great opportunity. Another way to share the duplex is by renting out the unused unit to generate income that helps with your home expenses.
By considering all these possible real estate situations, you should be able to figure out the best one for your family and then buy a suitable duplex.Share