Nowadays, people have started investing more in gold and properties. So, if you are willing to invest in the properties, then duplex is the best option. As we all know very well, duplex houses have complexes on each floor. An Affordable duplex house is a good investment choice for the homeowners as it will allow them to live in a house with different entries on the same floor or different. There are several advantages or buying or renting a duplex. However, there are a few disadvantages too. Let’s have a look at them and decide if it is a wise choice or not.
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Advantages of a Duplex House
- Affordable: Most of the duplex houses are in comparatively less expensive areas and hence, their cost is also relatively lower than other types of houses. They can be considered as an inexpensive way of buying a house. Investing your money in an affordable duplex house is always a clever move.
- Privacy: Duplexes have large areas along with great specifications. This area is divided into two, which helps you in maintaining the privacy from the neighbor. This means that you can enjoy high-end facilities while maintaining privacy.
- Extra Source of Income: While buying an affordable duplex house, you can save a good amount of money. At the same time, this house can be an extra source of income for you. You can live in the one area of the house while the other can be rented. If you purchased this house with a home loan, then the amount received in the form of rent can be utilized to repay that loan.
- Accommodation for Two Families: If you are not willing to rent out the house, you can give the other part of the house to other family members while you reside in one. This will give a great opportunity for the family members to stay close.
- Low Insurance Cover: When you live in one part of a duplex house and rent out the other, the insurance cover is less costly. Here, you don’t need to take two different policies for two-family homes. You can take a single policy for an entire building.
- Freedom: Duplex home offers you a great freedom. You can customize it according to your choice. You can do painting, plant the flowers and do gardening in the area. This means that you can freely decorate the house and follow your hobbies and interests as well.
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Disadvantages of Duplex Houses
- Maintenance: When you buy a duplex, it is important to note that the responsibility for the maintenance and repair of the house is of the owner. This means that, if any damage occurs, you have to spend money as well as time to get it repaired. Additionally, the responsibility of taking care of the lawn is also yours. This means that even if you own an affordable duplex house; there are certain expenses you have to bear.
- Getting the Right Tenants: You can earn a decent amount of money by sharing the duplex with another family. However, it is important to find the right tenant; otherwise, it brings a new set of problems and disturbs the environment of the duplex.
- Inconvenience for Tenants: If you are residing in the duplex as a tenant and the owner is living on the other side, it can create inconvenience for you sometimes. The owner may interfere into your day to day proceedings by forcing certain rules that will make you feel uncomfortable.
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- Limited options: You cannot find an affordable duplex house at the center of the city easily. These houses are mostly located in outer parts of the city. So, you have very fewer options to choose from if you want a duplex in the central part of the city.
These are the advantages and disadvantages of an affordable duplex house. Overall, it is a great option for investment as you can gain extra income along with several other benefits.
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