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Top Reasons to Consider a Duplex Home

People have various options to choose from when it comes to the type of home they would like: a single-family home, a townhouse, a condo, etc. Amongst so many choices, one is, of course, a duplex. Owning a duplex in several countries offers you several perks, mortgage advantages and tax benefits. You can rent out a part of it or put it up for homestay on platforms like Airbnb to earn a handsome amount consistently. The benefits are not limited to just this, we have few more reasons as to why you should consider a duplex home.

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  • Mortgage Benefits
If you need help with mortgage, investing in a duplex is a wise decision. It lets you create equity quickly depending on the situation. Let’s say building a duplex costs you $500,000, once it is subdivided, each piece can be sold at $300,000 giving you a profit of $100,000 within a year or two. These extra bucks let you pay your mortgage quickly.
  • Rental Income
You can pay a mortgage not only by selling other parts of the house but also by renting it out. This way duplex gives you a high rate of return. You can rent out one portion to a tenant while you continue to live in another portion. By this not only do you earn money you also live near your property and continue to take care of it. So, if you think that an extra portion will cost you money, think again. The rental income that you generate from it will cover the cost.
  • Source of Cash Flow
From both the above points you must have evaluated that a duplex is a source of income. But there is one more way to generate cash from a duplex and that is by making it available for vacation rental sites such as Airbnb. In other words, generate revenue by way of a homestay. In fact, you might be able to make more money this way than by renting it out the traditional way!
  • Use It for More Than Stay
If you don’t have the burden of a mortgage or you don’t like tenants living next door, a duplex is more than these opportunities. If you work from home, you can make it your workspace. It can be used as a guest house when your family or friends visit you for get-togethers or parties. 
  • Stay Close to Your Family
If you have elder members or your child’s family living with you, they can live right next to you while everyone continues to enjoy their privacy. This way you will stay close to each other and help each other in case of emergencies. You can also provide other kinds of support as and when required and give them some much-needed company. Elderly parents can live with you and the need for a retirement village or nursing home is eliminated.

Furthermore, duplexes are affordable too as they are usually not located in pricey neighbourhoods.

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