When talking about buying a house, a lot of people usually opt for single-family homes. The reasons behind this usually include the amount of privacy you get when living in such an establishment.
The fact that you get your own yard and the prices of such homes are usually lower than some other option out there (like a multi-family house).
However, there is one other advantage many people are not aware of: owning a single-family home leaves you enough room to turn it into a duplex home.
This idea is relatively fresh, as modern homeowners are constantly on a lookout for new ideas on how to maximize their properties and increase the value of their homes. There are numerous other benefits to turning your single-family home into a duplex, so read on.
Live in one, rent the other
Having a duplex home allows you to live in one part of it while renting the other one. Not only is that a great way to earn some extra cash, but it’s also great because you can constantly keep an eye on your rental property as you’re living right next to it.
Additionally, the rent you collect every month will cover ½ of your monthly mortgage bill.
Room to expand your family
Next, duplex homes allow you to think in terms of expanding your family. When living in a duplex home, you have twice the amount of living space.
Sure, while your kids are still small, you can rent the other half of the home, but once they grow up, they can move out without actually moving away.
This way everyone will get their dose of freedom, without having the distance between them.
The place for extended family
There comes the time in everyone’s life when they have to decide what to do with a senior parent or relative. The choices usually boil down to either inviting them to move in with you or finding a close-by aged care facility.
However, if you are living in a duplex home, you will always have a place for your senior family member that’s close, comfy and that they can make feel like a new home.
This is particularly good because senior people can sometimes feel abandoned when placed in an aged care facility, and this way, they’ll be close to you and your family. Additionally, if you have small children, having a senior relative living right next door will eliminate the need to call a babysitter every time you need to run out.
Excellent future investment
Another perk of having a duplex home is that you can decide to sell only a part of it if you ever find yourself in need of money.
For example, deciding to build a duplex home has become increasingly popular in Australia, and some reliable duplex builders from Sydney even promise to get the job done quickly and tidily, with minimum impact on your day to day life.
Another great thing is that you don’t have to decorate and furnish your duplex home as soon as it’s built. You can do it over a period of time, which will significantly reduce the strain on your budget, and reap the benefits of ROI instantly once you decide to sell.
You probably already know this, but when you buy a house, you get a tax write-off. Now, if you’re living in a duplex house and occupying only one side of it, you can write off only that part of the taxes.
However, if you are renting the other side, you get additional tax write-offs for that side as well. Additionally, any utility bills you share with your tenants can also be written off as well as any type of repair or maintenance costs related to the unit that’s being rented. And who doesn’t like lower taxes?
Maximize your rental profit
You can even decide to list the other part of your duplex home on Airbnb, thus maximizing your profit. Short-term stays, such as those in vacation rentals, usually cos more than long-term leases.
Vacation renters are also more likely to pay more for a full apartment than they would for a single room. Besides, renting the other part of your home year-round to vacation renters ensures a constant cash flow.
Another great thing is that, again, you live right next door to your rental property which means that you can act quickly if anything happens to go wrong.
We could go on listing the benefits of turning your single-family home into a duplex house, but we’re not going to do that.
Once seeing all the benefits such a home offers, it becomes quite clear that it’s an excellent investment that leaves plenty of maneuvering space to the owner.
So, if you want to maximize the value of your property, ensure that you won’t run out of living space any time soon and even earn some money on the side, you should look no further than a duplex home.