Sometimes, finding the perfect home isn’t a matter of locating a property that has everything you’ve been looking for, but changing the assumptions of what you really want in the first place.
To give you an example of why this might be, consider the case of a duplex. Although many homebuyers dismiss the idea of buying a double property out of hand, duplexes can be perfect for certain types of families and situations. Additionally, some of the reasons homebuyers give for not wanting duplexes are based on misconceptions or out-of-date ideas.
In this article, we want to tackle the subject head-on and show you why that cute duplex you saw just might be worth a second look…
Duplexes Give You Financial Versatility
Usually, when you buy a house, your choices are to either live in it or rent it to someone else. With the duplex, though, there are more possibilities. That means you have more choices, both now and in the future.
For example, a common way to make the most of a duplex is to live in one half and rent out the other. This has the obvious advantage of bringing you money every month, possibly even enough to pay most or all of your mortgage. For the budget-conscious, that can be reason enough to invest in a duplex.
One benefit of this arrangement is that you can choose your own neighbours. Or, if you have a friend or family member who is looking for a place to live, being able to offer a duplex unit can be a great choice. Either way, you’ll have an easier time paying for your home, and may be able to split monthly expenses with a renter.
Traditional Duplex Downers are a Thing of the Past
Even with the obvious financial advantages of having a built-in rental property, there are two things that homebuyers tend to be wary of when it comes to duplexes: fire hazards and neighbourly noise.
There was a time when duplexes represented a higher fire risk. However, with advanced building materials, better alarms, and strong firewalls that separate the units, you aren’t likely to be at any increased risk for fires if you buy and live in a duplex.
As for the issue of noise, modern construction techniques have made big inroads here, too. Using sturdy materials like concrete, we are now able to insulate and soundproof one unit from the next. That means you won’t have to hear your neighbours unless you go next door to speak to them.
A Duplex Gives You Future Options
It might be that the best reason to buy a duplex is the one you haven’t thought of yet. Most people have a plan for the home they want to live in, but it’s important to note that those plans can change in a heartbeat.
Even if you aren’t looking to own a second unit today, who’s to say you won’t want to have a home for a parent or relative in the future? Or, that there won’t come a time when you could benefit from generating rent from two different properties after you’ve moved somewhere else? With a duplex, you have more choices in your future, which is always a good thing.
A lot of homebuyers don’t set out to get a duplex, but can’t pass up the perfect property (at a great price and with lots of potential) once they have seen one. Is it time you gave more consideration to investing in a duplex?
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