Why You Should Buy a Duplex Instead of Your First Home
Why You Should Buy a Duplex in Minnesota
After spending some time renting apartments, townhomes, or other properties, most people dream of having a place that they can call their own. It gets frustrating to be in the position of answering to a landlord before you make any changes, adopt any pets, or move out. However, after quickly evaluating the housing market, you may be disappointed to realize that it can be very difficult to buy a home. After getting pre-approved and looking out for properties within your range, it can be upsetting to think about all of the sacrifices you’d have to make to settle for something less than what you imagined.
In this kind of situation, we highly recommend that you consider investing in a duplex.
Many first-time homebuyers aren’t even aware that they have the capability to get into real estate investment. By purchasing a duplex, living in it, and renting out the other half, many would-be first-time homebuyers are finding that they’re able to finance their dreams. By collecting rent from the other half of the property, duplex owners are often able to significantly reduce their mortgage payment. In some cases, duplex owners are able to cover their entire rent payment with just one tenant living in the property.
Even though many first-time homebuyers are driven by the desire to have something of their own, they may find that they are perfectly happy living in a duplex. Duplexes can offer many of the benefits that single family homes offer due to the fact that duplex owners have escaped the renting game and found a property that they can own. Since they do own their properties, many duplex owners are able to have fenced-in yards, renovated kitchens, and more.
Additionally, many duplex owners are able to live in their property as an owner-occupier for as little as one year before renting out the other side and using the profit that they are earning to finance their dream home, vacation, or student loan payments.
Surprisingly, all of this can come at a very affordable price. It doesn’t cost as much as you’d think to get started in real estate investment, and you can even use FHA financing to buy a duplex.
If you’re interested in learning more about duplexes, we’d highly recommend clicking here to check out our step by step guide to buying a duplex in Minneapolis.