If you're in the market to buy real estate, and if you're like most, then the first type of property on your mind is a single-family home. But have you ever considered purchasing a duplex? There's a nice handful of possibilities that you as the owner could realize when you make a duplex part of your real estate investment plan. Consider how you can leverage all of that extra living space into financial and personal advantages.
Create a starter rental for a young family
A young family can be comprised of newlyweds or a couple who has just had a baby. Whether they have children or not, a young family is often budget-conscious. Although they might be able to afford a mortgage, they're often not ready to make all of the associate purchases that come with purchasing a single-family house. Also, it's common for newlyweds to forgo purchasing a house until they save a significant amount of money, while also improving their credit scores.
Families like these find it to their advantage to live inside of a rental for a time. But especially if they have a baby, the idea of living inside of a cramped, crowded apartment complex unit is often unappealing. You could rent out your extra duplex unit to young families to give them the advantages of a rental home, while you realize the advantages of earning rental income.
List it on home-sharing sites
Something that plenty of property owners do in order to generate rental income and a steady stream of temporary tenants: They list their spare duplex unit on home-sharing sites. Maybe you've thought of the idea of listing your property in the past, but you balked at the idea of having strangers staying inside of your house. But when you purchase a duplex, you'll generate rental revenue while allowing your tenants and your families to live in peace. One of the best features of duplexes are their separate entries. Your tenants won't disturb you or your family as they come and go. You can provide them with lock keys or a combination code to enter their rental space. Best of all, the home-sharing platforms act as the property management arm of the transaction. The platform will collect the tenant's money while providing you with an insurance policy for the unit while it's being rented.
Let your adult kids come home again
The idea of adult kids coming back home is a hot topic, as many are using this option to either save money or rebuild themselves financially. The biggest issue with adult kids coming back home is the lack of privacy for them and for the parents. Using your spare duplex unit for your kids is a wonderful way to respect their privacy while protecting your peace of mind. If agreed upon, you can charge them rent. Since it's your property, you can charge them as little or as much rent as you wish!