When individuals and families plan to buy their first house, they often consider a single-family detached home or a condominium. Another option worth considering is a multi-family house or commonly known as a duplex. Buying a duplex may offer a number of advantages if planned properly.
If you are already planning to buy a duplex, here are a few things that you must know and consider before making the purchase and signing any document.
1. Your Need For Space
Buying a duplex provides the ability to gain two units in one transaction. While buying your first duplex you must understand that you can either occupy the entire property or only use a part of it. In either case, you are the owner of the entire duplex. Even if you don’t use the entire space, you are still liable to pay the cost of the entire lot and take care of the repair and maintenance of the entire duplex.
2. Financing Can Be Tricky
Needless to say, duplexes are 2-3 times more expensive than the single-family homes or condominiums, depending on the neighborhood and size of the duplex. Financing to buy a duplex is generally an expensive affair and hard to afford for most Edmontonians. But buying your first duplex isn’t impossible, thanks to the loan facilities and easy EMI payment options available. You can also consider renting a part of your duplex if not used.
3. Various Options For The Unoccupied Space
There are a lot of options for you to use the extra, unoccupied space in your first duplex. You can rent this area to another family and earn the monthly rentals from it. You can also use-up this place as a tourist accommodation or Airbnb that can earn you more profits than a one-year lease. All these renting options can help you in paying for the mortgage or loans you take while buying your duplex.
If you don’t feel like renting or leasing the unoccupied space of your duplex, you can convert it into your office space. You can also turn it into an art room if you are an artist, a study room if you are a businessman/businesswoman or lawyer, or into a research place if you are a scientist or researcher. This converted space can be either used or rented.
Your first duplex can be a long-term investment option for you. It is a one-time investment which can provide benefits for years and decades to come. If you wish to find out various duplexes in your preferred locations of Edmonton, get in touch with our experienced real estate agents. We can help you find some of the best ones at a great deal and help you move into it fast.