Are you ready for an investment that does all the work for you? Investing in a duplex (a house or building with separate entrances and living spaces for two separate tenants) is a keen financial move for just about any stage of your life. Here are some reasons why:
- Affordability: Most duplexes are less expensive than a single family home with comparable square footage, and number of beds/baths.
- Profitability: You can always choose to rent out one side of the duplex to get a constant cash flow while you live in the other unit and have the comfort and perks of living in your own home. Even better, if/when you move on to purchase your next home, you can keep the duplex as a permanent rental property and reap those profits for years to come.
- Caring for Family Members: If you have an aging or ill relative that needs a caretaker living with them or nearby, a duplex offers the perfect set-up. With your relative in one unit and you in the other, you have immediate access to your family member while still preserving your personal space. What’s more, both parties can feel like they are living in their own home, which gives many people great peace of mind.
- Achieve Faster Home Equity: According to Duplex.net, “If the goal is to earn home equity then living on one side and renting the other side provides you with the ability to make double mortgage payments each month effectively halving your mortgage term. This reduces the interest paid and accelerates your home equity which can be borrowed against if needed”(http://blog.duplex.net/duplex-homes-5-reasons-to-buy-a-duplex/).
Think you’re ready to take the plunge into the world of duplexes/triplexes/etc.? Now is a great time to buy in North Texas! Currently, there are numerous duplex options for sale at fantastic prices in the Dallas/Fort Worth area. If you are interested in investing in a duplex, DFW Realty by Design is here to help you on your journey. Our real estate expert, Angelina Cook, has many stellar properties that could be the start of your long future of duplex investment profits.
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