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Stating the Facts About Real Estate


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Stating the Facts About Real Estate

Buying real estate can be a really good investment. There are a few different approaches you can take. Many people choose to simply buy themselves a home and pay into the mortgage over time, building equity. You could also buy an apartment community or a couple of homes to rent out, profiting from the rent, and then profiting again when you sell the homes. Regardless of which approach you take, it is important to know the facts. This blog is a good place to find them! We state the facts on real estate, and we cover a wide range of topics for your benefit.

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4 Advantages Of Buying A Duplex For Your First Home

Becoming a homeowner comes with a ton of flexibility because you can choose from many property types. For instance, you can prioritize a condo, townhome, single-family home, or multi-family home. Over time, the rental experience you have acquired may give you confidence about owning a place. So, a smart plan is to buy a duplex for its various advantages.

Supplemental Income

A duplex allows you to rent out one side of the property to generate supplemental income. In some cases, you can cover your entire mortgage payment from the rental income alone. Even covering for a part of the payment will give you financial relief as soon as you find a tenant.

In the beginning, you may not feel entirely confident about managing the unit on your own. An easy and reliable solution is to hire a property manager for the foreseeable future. You can rely on their knowledge and expertise to enjoy smooth rental management with consistent income.

Shared Landscape

Owning a single-family home means only your family gets to enjoy the landscape that you put so much work into creating and making beautiful. However, you can increase the value of your duplex and the other unit that you rent out by maintaining a beautiful landscape. Adding brand-new features, such as a pool, patio, or fire pit, will bring even more value to the rental.

Smaller Home

Even if you plan to start a family after moving into the home you buy, you will likely not need much space until you have several children. Most duplexes have smaller units than a typical single-family home, which works out for your needs.

A smaller home is advantageous because you will not have to invest in much upkeep. Later on, you can sell the duplex or rent out both units and buy a bigger house to live in.

Flexibility

Owning a duplex gives you more flexibility than what you can get with a single-family home. For instance, you can start with living in a small unit while your household size is small. After a rental lease is finished, you can begin the process of moving into the larger unit for more space.

Buying a property and going straight to a duplex can seem a little overwhelming because you are getting more space than most condos, townhomes, and single-family homes. However, you may find these advantages beneficial enough to purchase a duplex as your first property.

For more information on home buying, contact a company like RE/MAX Great Basin Realty.