Ninety percent of millionaires got their wealth because of real estate. Income-producing land in your name is always a good idea.
The new hot investment? Buying a duplex. Many investors and homeowners alike can vouch for the appeal of duplexes, from their double occupancy allowance to their privacy.
Don't cross any t's or dot any i's before checking out the surprising information below.
1. You Can Be Close to Family—But Not Too Close . . .
One benefit of duplexes for families is their ability to accommodate everyone without the situation becoming crowded.
For example, if you've got adult children, parents you care for, or a mom that visits for two months out of the year, they can stay in the other home without impeding your space. You'll be close enough for shared breakfasts but not so close you're running into each other on the way to the bathroom.
2. You Can Rent Two Homes at Once . . .
If you're not looking to live in your new duplex, then you're in luck—because you've got two homes to rent instead of one.
Many renters find duplexes appealing since there's only one neighbor to deal with. Compared with apartment complexes, duplexes offer a modicum of privacy that can help you upsell the space. They also offer more space than your average apartment.
Renting two properties right next door to each other also provides the landlord (you) or your property manager with a world of convenience. You can upkeep both homes at once, do routine maintenance on the same schedule, and more.
3. . . . Or You Can Live in One and Rent the Other
Finally, you've got a third option: to live in one home and rent out the other.
If you're a new landlord, this situation might be the most cost-effective as you navigate your investment and finances. You can essentially live in the space for free, use rent money from your tenant to pay bills and manage the property, and either stay or go. If you decide to stay, be sure to establish clear privacy boundaries between yourself and your tenant.
4. Most Duplexes Come With the Same Perks as a Standard Home
One of the final reasons to consider a duplex is its amenities.
It's common to find duplexes that offer the same perks as a home does—a front or backyard, a garage, a porch.
You won't have to sacrifice these extras when you buy a duplex home instead of a "traditional" one.
Buying a Duplex Home: Double the Benefits
Interested in making a smart real estate investment? Then considering duplexes is a fantastic place to start.
Whether you're a new landlord that wants to save money by living on one side; a caretaker that houses family members next door; or an experienced investor looking to rent out two residential spaces; buying a duplex can prove to be extremely advantageous.
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