A duplex is a residential property where one or more homes exist in the same property. There are many benefits to buying this type of property for your own use, and if this is the type of property you have been considering, it's helpful to know what these pros are. Here are just a few of the reasons why owning a duplex can be a wise investment for you.
Owning a duplex gives you the opportunity to live in one of the units and rent the remaining ones out. In some cases, the purchase of a duplex comes with rental agreements of current tenants already, which means you get to begin making money on your investment right away. It helps to have a real estate agent who understands rental agreement laws and regulations to ensure that you and your future tenants fully understand your legal responsibilities regarding lease lengths and rental fees and when they are due.
You may also choose to simply buy a duplex and rent out all the units within. Since a duplex isn't as large as an apartment complex, it makes for an affordable option for owning real estate where you can profit from many renters at once while still staying within your budget.
Most duplexes are located in the heart of town or close to nearby amenities, which is an easy convenience you can enjoy. Buying homes near town can be expensive, so if this is something you desire for your real estate purchase, a duplex is a wise choice. You can enjoy being close to work, schools, and town entertainment without having to pay for expensive real estate.
Duplexes vary in price, which is largely dependent on how many units are within a single building and where the duplex is located. Other factors include the condition of the property and whether tenant rental agreements come with the property or not. If you have a specific budget in mind your real estate agent can help you find the best investment property that will impact your finances the least.
Buying a duplex is a great way to buy a home you can live in while being able to make money on your purchase as a landlord at the same time. Explore the properties available in your area to see which duplex will work best for your budget and lifestyle. Choose a real estate agent with experience in income properties so you can be guided to the legalities of owning a duplex as well to make the transaction much easier.