One of the lesser known gems of real estate is the duplex. Most people have lived in a house or an apartment but by comparison, fewer people have lived in a duplex. There are many advantages to living in a duplex. There are financial rewards as well as spacial benefits to owning a duplex.
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As a business opportunity, it’s a more affordable way to live when you have someone else paying half the mortgage. Purchasing a duplex and renting out just the bottom floor is an ideal way to get half your mortgage paid. A duplexis often spacious and one floor is all that is necessary if you have a small family.
If you are renting a duplex, you will likely have just one set of neighbors to contend with instead of various families. Renting a duplex is also good practice for home ownership as you are often expected to mow your own lawn and remove snow from your driveway in the winter time. This could also be a drawback of renting a duplex if you like apartment living where these small inconveniences are all taken care of for you.
A duplex is most likely to come with a useable back yard and shed space to store a lawnmower, extra kid’s toys, and shovels. Depending on your landlord’s rules, you can also hang a laundry line to save on the electricity it costs to run a dryer. You may also be granted permission to plant and run your own garden if renting. Owning a duplex would make sure the best of all worlds in regards to home ownership and mortgage savings.