Real Estate News

3 reasons to purchase a duplex

Published: 10 Jan 2017

Buying a home could be an investment that pays off as time goes by, if you plan wisely. In addition to buying title insurance to protect your claim, there are also reasons you might want to purchase a double-decker house for the long term.

A common tactic is to buy this kind of home, rent out or lease one side and live in the other to balance out costs. There are a few good ideas behind this strategy, and researching them might help you decide if owning a duplex is the right move for you.

  1. There are more options for room/home sharing now: As this Trulia piece pointed out, Airbnb has made it possible for anyone with room to spare to make extra money housing visitors. Even before this latest company arrived on the scene, though, Craigslist and other services made it easy to make money off of someone with special living needs. This market also favors flexibility, so the more available space you have, the more attractive you might be to anyone looking for a place to stay.
  2. Two types of experience for the price of one: Be a landlord and an owner at the same time and you could come away with important skills for managing and maintaining a house. In addition, the investments you make on your tenants behalf also benefit you as well when you finally decide to sell the unit.
  3. You can get a better deal: The same Trulia piece said that duplex buyers could obtain a better deal on their mortgage or taxes when compared to standard single-family homes. Thinking ahead, this could be a smarter financial decision.

Adding proper title insurance makes a home purchase more secure and leaves you protected against claims from outside parties.