Many new home buyers are considering investment properties, such as duplexes, to live in one unit and rent the other. Here are some things to know about duplexes before making the leap to landlord!
Realtor.com points out that duplexes can often times be confused with a “twin home”, which looks like a duplex but the lot line runs through the common wall, so there is an individual homes on individual homes lots.
On the contrary, duplexes can be called a “multi-family dwelling” – instead of owning one home, you own two.
Duplex pros & cons
According to Duplex.net, on average, living in one side of a duplex and renting out the other can be more affordable than living in a single-family home without sacrificing bedrooms, bathrooms, and square footage.
There also tax deductions you can cash-in on for maintenance as an income property. Also, keeping family close by with the option of them living close by, but not with you is an option when you own a duplex and live in one side.
Realtor.com points out that the security of having someone close by and being able to make the rules as a landlord.
The cons are as you might imagine the cons of being a landlord would be: potential for tenants to knock on your door at any time with questions or concerns; responsibility for all maintenance; renter reliability; privacy (or lack thereof); and dealing with damage.