So you think you are ready to make that big purchase? 🏡Congratulations! Today I thought I would point out to you some of the benefits of buying a duplex as your first home. Maybe it's the
Is a Duplex a Good Option for the First Time Buyer?
Dated: December 1 2020
So you think you are ready to make that big purchase? 🏡Congratulations!
Today I thought I would point out to you some of the benefits of buying a duplex as your first home. Maybe it's the perfect option for you and maybe it is something you have never thought about.🤔
I know this option isn't for everyone... but, here are 5 reasons why it might be a good idea:
1️⃣ Rental income may cover the majority of your mortgage payment - or more!
You can enjoy living in your own space for less than you paid in your rental. You can use these extra savings towards your dream home.
2️⃣ Build equity faster
Since your rental unit income will cover your mortgage payment, you will be able to build equity while you grow your savings at a much faster rate than possible while renting.
3️⃣ Tax benefits
You can write off various expenses related to the rental portion of your duplex such as repairs, utility costs, snow removal and even mortgage interest.
4️⃣ You could qualify for a bigger mortgage
Your lender will take into consideration potential rental income. Also, if you plan to live in the duplex, you can still qualify for a smaller down payment option if you wish.
5️⃣ You have options
When you are ready to move on from "apartment living", you can either sell your duplex and buy a family home with the extra savings and equity you have built up, or, you could keep your duplex as an income property in addition to your new home. You could also keep buying income properties if you love being a landlord and the benefits of real estate investing!
Emily got her start in the Real Estate industry in 2017 as an office administrator at Royal LePage North Heritage Realty, later obtaining her own real estate license in 2018. Through her in-depth mark....