Is Duplex Right Choice For You?
Duplexes are the best choice for anyone looking for property that provides the benefits of two houses in a single property. An investor can generate extra income by renting one unit of the duplex while living in the other. Both units have separate entrances and are of the same size with similar features and amenities.
If you are wondering whether a duplex is the right choice for an investment, here are some things you should know about them:
- They Are Affordable: Most first time investors prefer duplexes due to their affordability. They offer the same benefits as that of a single house e.g. privacy, space, modern amenities, security and more. So if you are just starting off as an investor and are looking for a budget-friendly investment option, you should opt for a duplex.
- Easier To Sell: Duplexes are one of the easiest properties to sell as they are always in demand. It is easy to find a buyer for duplexes as most people invest in multiple duplexes for the purpose of earning rental income.
- Help To Pay Off Mortgage: If you decide to live in one unit of the duplex and rent the other, you will earn to partially cover your mortgage costs, insurance payments and property tax.
- Powerful Asset: Investing in a duplex is a great way to generate wealth. The properties are always in high demand due to their income generation potential and preference over other housing options.
- Multi-Generational Families: For those with multi-generational families, duplexes are a good investment. Families get to stay close for convenience and care without compromising on their need for privacy and freedom.
- Good Locations: Duplex projects are usually strategically located to offer most of the amenities like shopping complex, medical, school, parks, etc. nearby.