Is a Duplex Right for You?
Part of the American dream is owning a house with a white picket fence. But what if someone told you that you could own property for less, and even generate another income from it?
A duplex is a building created for two households. A duplex has clear boundaries between the two homes and even has separate entrances. Owners of a duplex typically share a yard.
What’s the Appeal of a Duplex?
Duplexes are more versatile than most other residential buildings. With a duplex, you can either rent or own your side of the duplex, or own the entire building.
Sharing a building with another family means that many expenses, like utilities, landscaping, and overall building repairs, are also shared.
How Can a Duplex Benefit Me as a Renter?
If you’re a renter, a duplex may seem appealing because you’re sharing a living space, but with drastically fewer people than you would with an apartment or condo.
This arrangement gives you a little more privacy and also allows you to more easily pinpoint the source of any loud noises, damages, and other things.
As a renter, there’s a possibility that your landlord is actually living in the other side of the duplex. Though it may not seem like a good idea to live alongside your landlord, it actually has many benefits.
Living alongside your landlord means that communicating your needs (repairs, questions about your rent) should be a lot easier than contacting a landlord that owns several hundred units and lives in another city.
How Can a Duplex Benefit Me as an Owner?
Your Cost-Effective Solution for Homeowners
When you own half of a duplex, you will likely be sharing the building with another family.
Because you only own half of the building, a duplex is often a cheaper alternative to owning a single-family house. When you and another party own the duplex, it is called a “twin home.”
But many people who own duplexes live in one side and rent out the other. This choice is usually more cost-effective than owning two houses and renting one of them out because, for example, duplex owners can share utilities and with their tenants and only have to focus on the upkeep of one building.
Renting out a duplex you’re also living in makes it much easier to manage tenants because you have so few. Also, living so close to your tenant can make it easier to make sure they aren’t damaging the building.
As an owner of a duplex, you are also given the unique opportunity to rent out to friends and family. For example, if you someone close to you is in a tough living situation, you can rent out to them without having either of your privacy invaded.
Choice Mortgage Bank Can Help You Buy a Home
Interested in learning more about renting or owning a duplex home? Emmanuel St. Germain and the professionals at Choice Mortgage Bank can help.
Choice Mortgage Bank has competent loan agents who can work personally with you to figure out which loan program best suits your situation. No matter your home buying concerns, we’ll work with you to ensure all of your needs are met.
Contact Choice Mortgage Bank Today to Start the Free Approval Process
Emmanuel St. Germain and Choice Mortgage Bank are prepared to answer all of your questions. Call us today and we’ll help get you started on our free approval process.