Investing in real estate is an excellent way to diversify your investments for
homeowners and landlords. Whether you want to build a home to live in or as an investment property, you should consider building a duplex.
Read on to discover four things that are important to consider before you begin building.
Get Your Legal Matters Squared Away
Be sure you are following guidelines. Mortgage broker Anthony Lococo explains: “Just because it produces income doesn’t mean it’s considered a “unit”. Granny flats are a good example…”.
Would You Live in the Duplex?
As housing prices soar, this is becoming an increasingly popular idea. Many duplex builders decide to live in the duplex and rent out the other side. By having a place to live and collecting rent from the other tenants, you can put the extra money towards paying off your mortgage. This is one of the most appealing aspects of buying a duplex.
Can You Rent To a Family Member?
If you have family members who are looking for a place to live, or an elderly family member, offering to share your duplex with them is a win for both parties. For you, that means filling a vacant half of your duplex with a loved one, and for them, a place where they can maintain their independence while keeping their family close by.
Will This Provide a Good Return on Investment?
The decision to invest in duplexes versus single-family homes is generally a good one. Things you must keep in mind, though, include the condition of the property, quality of your tenants (and the ability to keep the vacant units filled), and appreciation all affect your return on investment.
If you decide to take the plunge and build a duplex, please call the construction experts at DeGraff Construction. Our team of custom designers in Joplin, MO are excited about your project and look forward to helping you.