A duplex is a home that falls into the category of a multi-family home, and a typical duplex will have two units attached together. If you are thinking of buying one so that you can live in one side and rent out the other, here are three things you should know before you rush into making a purchase.
Duplexes Are Great Investment Opportunities
People who buy duplexes to have a place to live and a place to rent out can often make good money doing this; however, it requires choosing the right duplex and ensuring that there are good tenants living in the other side all the time.
Selling a home in the winter can be challenging. Inclement weather, from colder temperatures to snow and ice, can reduce showings down to a trickle. Plus, many people do not want to move during the last few months of the year. Children are often in the middle of their school year and everyone is busier than usual with end-of-year work, holiday, and family obligations. In fact, many home buyers decide to avoid the headache and postpone their search until January.
Buying a home is a complicated experience that can be both very exciting and quite stressful. Local real estate market conditions are constantly changing-- at some times it may be a sellers market, while other times it may be a buyers market. If you are planning to buy a home in the near future and your local market is currently a sellers market, you may face more challenges than if you were buying during a buyers market.
Buying any home for your retirement is a major commitment, one that requires planning, strategy and research; however, if you're interested in buying a luxury property for your golden years, you really have your work cut out for you. Don't let that stop you, though, as there's no time like the present, especially when it comes to your retirement.
1. Don't Fret The Double Mortgage, As There Are Ways Around It
Buying your first home can be both exciting and frightening. With the average cost of a home in the United States hovering between $217,600 and $343,300, buying your first home may be the most expensive purchase you've ever made. Knowing and understanding the following items before you make an offer can help ensure that you are making a wise decision.
Know Your Budget
This point is two-fold. You need to know what you are approved to spend.