A duplex is a great investment property. However, many investors don’t consider these homes. Why is that? Firstly, some people don’t even know they are an investment option! Others simply don’t realize the potential. Regardless, there are plenty of reasons to choose a duplex. Below are a few of our favorites.
What is a Duplex?
Firstly, we should explain what duplex is. A duplex is a type of home that has two separate living units. These units are completely separate. This means that two different families can live in the house at once. There are different styles of duplexes. Some look like townhouses, with each floor functioning as its own apartment. Others look just like traditional single-family homes. However, they will have two separate entryways for each apartment.
Get More For Your Money
Duplexes offer two units for the price of one home. This is obviously a big benefit! There is no additional construction work required to convert the space either. This means that you will save time and money if you are looking to create a rental space.
Potential For Rental Income
Duplexes offer great rental income potential. Some people purchase these homes and live in one half. They will rent out the other half and use their rental payments to pay their mortgage. Essentially, they are living rent-free! However, most real estate investors will enjoy renting out both halves of their duplex for double the rental income.
An Easy Property to Lease
While the real estate market can be unpredictable, duplexes are usually easy to lease. They offer flexibility to large or multigenerational families. Additionally, many families prefer the look and feel of a duplex unit to an apartment.
If you are an investor and wish to have a loan for investing in the duplex property call Red Door Funding on 832-539-1099.