If you are looking to buy a property either to live in or as an investment, you should consider buying a duplex. A duplex is essentially a dwelling with two separate living quarters, two entrances that can cater for two families. Purchasing a duplex can be great investments for homeowners and landlords.
Consider the benefits of building a duplex:
Live in one, rent out the other or rent out both – the choice is yours
To get a significant rental return from your duplex you have the option to rent out both homes and collect two rental incomes, or live in one and rent out the other. The rental income will significantly reduce the financial strain of your mortgage repayments and save you the hassle of having to actually live with roommates – bonus!
Get the most out of your land with two for the price of one
Because you can fit a duplex on a narrow block, you can fit two homes on the one block and get double the return than if you were building one home on the same sized block. For investors, you can sell or rent out two dwellings, as opposed to having the one income from the one property.
Be close to family, but not in each others’ space
If you have a family member that requires extra care or supervision, you can live close to them but not in the same house. This enables you to keep an eye on your loved one, without having to put them into a nursing home. They get to maintain their independence; you get to preserve your privacy and have peace of mind that you are close.