The idea of buying a duplex house plan may have crossed your mind but perhaps you are wondering if the benefits really outweigh the investment. Here are a few things to consider when contemplating investing in a duplex house plan.
Low Barrier of Entry
A duplex house plan has two living units attached to each other, either next to each other via townhouses or above each other like apartments. The good thing about this setup is that if you have to sell the house down the line, you can offer both units separately. Buying half of a duplex is a great way for first-time home buyers to enter the market. On average a duplex is more affordable compared to a single family home but has a similar number of baths, square footage, and condition, making it ideal for customers wishing to enter the market.
Cash Flow
Duplex house plans have the added benefit of cash flow. If you build a duplex house plan and then live in one side of it, you can rent out the other side and have cash flow. Remember, the cash flow generated by a tenant is in addition to the affordability advantage you have by inhabiting the other side of the duplex. The cash generated from your renter or tenant can take care of various expenses.
Solution for Unique Living Situations
Say you have a situation where you have a family member who requires close supervision but both parties involved also require privacy and space. A duplex house plan is ideal in this situation because it allows for you to live on one side and the other family member to live on the other without infringing on privacy.
Potential for Future Rental Space
Building your first home as a duplex gives you a future advantage. Say you move to your next property in a few years. When you leave your duplex you will have an ideal rental property to rent out. Not only will you have two units to rent out but you will also have the knowledge of running a property and know how it feels from both a tenant and a landlord perspective.
On the Job Training
When you rent out the second unit of your duplex you become the landlord. This means that you are essentially getting on the job training when it comes to managing properties. Renting out your duplex also gives you a taste of what it’s like to be a realtor, perfect if you are considering a career in real estate down the road.
A duplex isn’t for everyone but it can be a great first step, especially as your first home. If you think it may be the kind of house plan for you take a look through our collection of duplex house plans and see if you can find one that is just right for you.
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