The Indicators

Duplex Home: A Guide to Making This Viable Investment

A duplex house on a neighborhoodWhen it comes to buying residential real estate, the most popular choice is a single home property. This is great, especially if you are starting a family or want to put a valuable addition to your investment portfolio.

However, if you want to up your property’s investment benefits and capabilities, you might as well consider buying a duplex. A duplex is a house divided into two apartments. You can use the first half as your residence and rent out the other half. Doesn’t that sound great?

Now, if you are attracted to such business prospects, you need to keep in mind some things before buying a duplex. Here are some of them:

Your Finances

Of course, this should be the first thing on your list. Duplexes can be much more expensive than single homes, depending on the location. If you have enough money to cover the downpayment without losing everything, then it’s good. Bonneville Multifamily Capital says, though, that if you need some dough, you can always apply for a Fannie Mae multifamily loan. Just make sure you have already figured out how to repay the loan.

Where to Look

Location, location, location — this is a primary requirement for a fruitful real estate venture. Go for places that attract tenants and are close to essential amenities and facilities. These could be expensive, but think about it: you are an investor here, not just a regular home buyer.

Talk to a Broker

If finding a duplex property proves to be a tad difficult, now is the right time to work with a reliable real estate broker. Brokers surely have a network that will help you get the duplex of your dreams. Keep in mind to include in your list of priorities the fees that come with their service.

A duplex is one property that will help you make the most of your real estate investment. May the tips above help you land the right property.