Home prices have gotten way out of hand. Between 2017 and 2018, home prices increased by 6.5 percent.
And, unfortunately, wages just aren’t keeping up with these price increases.
As a result, some consumers have begun looking for alternatives to traditional homes. One such alternative is the duplex home.
But what is a duplex?
Simply put, it’s a piece of property that contains two attached living units. You can almost think of it as an apartment that only houses two (sometimes three) families.
What, though, are the benefits of living in a duplex home versus a regular home? Here are the top five benefits of settling down in a duplex:
1. Duplex Homes Are Affordable
As we said before, a duplex contains two attached living units. This feature can make living in a duplex building more affordable if you don’t own the entire building. That’s because living in a duplex will feel somewhat like living in an apartment with more space.
But that’s not all.
Duplexes are often located in great neighborhoods. This means that you get to live in a vibrant, safe neighborhood for a fraction of the cost.
2. They Feel Like Houses
Living in a duplex might feel a bit like living in an apartment. It won’t, though, feel exactly the same.
Duplexes are larger than typical apartment units. And if you have any neighbors, you’ll only have a few. That’s a far cry from living in a busy, loud apartment building.
3. The Tax Benefits Are Insane
Home ownership normally comes with a few tax benefits. Duplex ownership is no exception to this rule.
Let’s say that you live in a duplex and decide you only want to live in one side of it. In this case, you get to write off the side you live on.
Now imagine that you rent out the other side. You’ll then be able to receive extra write-offs. The costs of renting the place out, for instance, can be tax-deductible.
You can even write off expenses you share with your tenants. So if you share cable with them? Well, your cable will get a lot cheaper.
And speaking of renting out duplexes…
4. Duplexes Are Perfect for Renting Out
We can’t think of a more perfect type of building to rent out to tenants. Duplexes are small and personal enough for tenants to feel as if they’re getting a more premium housing experience.
For this reason, owning a duplex will give you a competitive edge over people who own crowded apartment complexes. Just make sure that you have renter’s insurance before you go renting out your property.
And you can still get in on the fun if you don’t live in a duplex. Consider building your own and renting it out. Your local duplex builders will be more than happy to assist you.
5. They’ll Provide You With Options Galore
People who own traditional homes have to make space for additions to their home. If, for instance, they want to make room for in-home offices? They’ll have to reorganize a room or two.
But if you want to create an in-home office with a duplex? You already have several different units, so establishing a space for that office will be simpler. You could even use an entire unit as your office.
Thinking of Moving Into a Duplex Home?
If you’re thinking of moving into a duplex home, just go for it. You have little to lose and everything to gain.
Not sure where to start your search for the perfect duplex? Browse our database to find a business that can talk duplexes with you.