Benefits of building a duplex
Offering two separate dwellings that share a common wall, a duplex pair comes with a number of notable benefits.
- Rental returns Owning a pair of duplexes allows you to control your rental income. You have the option to rent out both duplexes and receive two incomes, or live in one while you rent out the other. Either way, the financial strain of mortgage repayments will be significantly minimised by one or two additional incomes.
By purchasing a duplex pair you are essentially buying two homes for the price of one. With only one block of land for two homes, the total price of owning two income producing properties is reduced.
- Future proofed family living
Once your children are old enough to move out, they can move into their first rental property – right next door. This not only allows you to stay close, keep an eye on your property and still receive a rental income, but will ease their transition into independent living and adult responsibilities such as paying bills on time.
- Unique living situations
If you have a loved one that is beginning to need more frequent supervision whilst still maintaining their independence, a duplex pair is ideal. You can check in for a cup of tea or dinner, and have peace of mind knowing they’re being looked after, while still upholding privacy and space for both parties.
Even though you own two dwellings, you will only pay one rates bill, minimising your outgoing money. If you’re renting one half, you’re also able to claim more in tax deductions as some items will be shared across your home and the rental property. In addition, you’ll be able to forgo property management fees while you manage your property from next door. When it comes time to sell, you will have two properties to offer the market by selling each duplex individually. A single duplex is often cheaper than a single house, so they’re quite popular in today’s property market.
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