Purchasing a duplex can be a great option when you've been thinking for a while about buying a property to rent out to a tenant. While becoming a property owner and a landlord can be a great way to earn some extra income, it can also come with a lot of work to the point where it could be considered a part-time job. While buying a home or condo to rent out can be an option, it's a good idea to look into the many benefits of buying a duplex home instead. Here are some things to talk about when you call your real estate agent.
Privacy in the House
One of the most appealing reasons to choose to buy a duplex rather than a standalone home or property that has a guesthouse in the back is that it can have a lot of privacy. Whether you live on one side and the tenant lives in the other or you choose to rent out both sides, the fact that they only share one wall can provide a great deal of privacy and can be a great option compared to purchasing a condo where they may have a lot of other tenants that live nearby.
Potential for Higher Rent
One of the most appealing reasons to buy a duplex compared to some of the other properties for sale is that you can likely charge a lot more money for rent. Since the duplex is basically a house, it can be much more appealing to renters compared to purchasing a condo that feels a lot like an apartment unit to renters.
By looking into the cost of other houses in the area that are being rented out, you can understand exactly how much you can charge for rent for the property once you begin looking for a tenant.
Option to Live Next Door
When this is your first property that you are renting out, it can be a good idea to stay nearby so that you're able to keep tabs on your new tenants and be available for any of their requests. By purchasing a duplex, you'll have the option to live right next door and share a wall with your tenants. This can be reassuring when this is your first rental property and you want to be a good landlord.
As you get started with comparing properties to purchase with the intention to rent it out, you need to see how a duplex can be a great option. With the above benefits, you'll understand how a duplex can make renting out the property so much easier.