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.
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.
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.
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.
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.