Deciding on a duplex?
Did you play monopoly as a child? It actually can teach you an important lesson on home ownership! A duplex can be a great investment and because you are building side by side there are savings like permitting, labor and material costs and so forth.
Things to think about:
Collect rent!
Renting out one side can essentially help significantly with your mortgage. There are tax benefits as well as write offs (of course you will want to talk with an accountant for the best advice). Also making the most of your land in that you get your “bogo” that is 2 homes on your land !
Family members.
Do you have someone that needs care or supervision? It’s a great way to have them close by and yet allow them to maintain their independence while still allowing everyone to have privacy.
Landlord.
Whether or not you choose to live in one of the units you should ask your self if you have the temperament for doing such thing? Being flexible and screening tenants carefully can alleviate any potential problems. Setting ground rules such as quiet time, as well as large parties, etc. Taking the time to find the right tenants can create a sense of community and possibly friends for life!
