There are a number of things to consider when buying a home and not everyone’s reasons are the same. One market that looks very good right now is the owner occupied duplex (multi-unit housing.) This type of lifestyle is not necessarily for everyone, but those who appreciate the duplex life often stay with it for a long time. The benefits of buying a duplex is that you are able to subsidize your mortgage through the rental income that is received in the unit you choose not to live in. When prices fall and qualifying for a mortgage becomes more difficult rents tend to increase. A duplex buyer will then benefit twice, they purchase a duplex at a depressed price and collect higher rents. As the market rebounds and home prices start to appreciate home affordability becomes an issue. Buyers now wanting to get into certain neighborhoods might find that they can’t qualify for a single family home, but they can use the rental income to help them qualify and purchase a duplex. If you bought the duplex in a down market, such as we are currently in, then it’s very likely you’ll see a great return on your investment and can turn a profit on the sale in addition to have lived relatively inexpensively during the time period that you called your duplex a home. If you want a list of duplexes that are currently for sale please email or call me.
Realtor - GRI