Why You Should Build a Duplex
Building your first home is a once-in-a-lifetime experience and it should be something you put a lot of thought into. There are usually three main ways to go: you can build a condo, a town house or a single family house.
However, there’s also an option of building a duplex, which often gets overlooked. It’s a mistake to do so. There are many advantages of investing in a duplex and you could find it worth your while later on, both in terms of money and comfort.
When you borrow money to build a home, there’s a difference if you’re building it to live in or to rent, sell or just keep it vacant. Homes that are built to be lived in get better rates since banks want to help people with purchasing their first property.
A duplex is, obviously, two properties in one, which means you can both live in it and rent it out without any inconvenience. When it comes to the bank, a duplex is seen as one property, which means that you get all the perks of building a home to live in, with the ability to also rent it.
Building a home should be something that you do with your future family plans in mind. For instance, many decide to invite their parents to live with them as they grow older and require additional care. Young adults might also need a place of their own as time goes by.
Duplexes such as the ones designed by Meadan Homes allow you to do so without jeopardizing your privacy and remaining comfortable and independent in the process. This is something to be considered long before there’s an actual need for it.
For most people, Airbnb isn’t a regular source of income but something they could use when their home is vacant for a while. When you have a duplex, you could keep a unit open for guests at all times. This turns Airbnb into a full-time job and you need to dedicate more time and resources to keeping the unit presentable.
Even though a duplex could be rented for a while, it’s better to rely on Airbnb. While renting the room out for a while means more income, Airbnb gives more freedom if your circumstances change unexpectedly.
There are different types of write-offs that you can get when building a home. One type of write-off is used when you’re purchasing a home to live in. In those cases, you can basically deduct your mortgage. When you’re renting a home, the write-offs are used to cover the costs of refurnishing and repairing things for new occupants.
With a duplex, you get to use both of these write-offs, which really comes in handy for a young family. However, you can’t easily switch which unit is yours and which one you get to rent out, but that’s not that much of a problem for most homes.
Building a duplex is a good investment because it gives you more freedom in the way you live and use your home. A duplex could be rented without inconvenience and you can also change it into a granny flat. There are also tax and mortgage benefits to think about.
Guest Contributor, Amelia Atkins