Buying a house will be your most expensive investment. It is a good investment since its value will appreciate over time. It can also be an excellent tool to add more income if you are thinking about renting it. First, you need to decide what type of house to consider. If in this case, you decided to consider a duplex home, you should know some things about it first.
Duplex is a thing these days. It is a residential building with two separate entrances but sharing a common central wall. It is a single building but having separate residences. It has different features from a separate driveway to backyard, bedrooms, kitchen, bathroom, and garden. A duplex can be small or huge depending on the lot size.
A duplex building is constructed together but it can be sold separately or together. Many people prefer taking two duplexes at the same time for investment purposes like renting it out to other families or tenants. The design will vary depending on the builders like renovateplans.com.au.
You have to know that there are several factors that you need to be aware of before buying a duplex. It is important that you examine the factors first before finally buying it. Factors include:
A title is your proof of ownership. Having it, no one will contend the duplex property. Before buying, you have to ask how it is being titled. This is an important factor if ever you want to sell the duplex separately. If you want to buy both duplexes, you need to buy it separately so the titles are also made separately. This is convenient in case you want to sell it in the future. Remember that if your duplexes have one title, it will be harder to sell.
Before buying, you have to think of your convenience and your future tenants. Duplexes come with different features but the most common is two homes put side-by-side and only separated by a wall in the middle. There are other duplexes that feature two-storey dwellings that are separated by floor. There are also cases where duplexes are at the back of each other. It is important that whatever duplex you choose make sure that it is both accessible without disturbing the tenants and other neighbors.
You also need to check the building insurance. Duplexes are good because each owner or tenant can agree on an insurance policy that can cover both the duplexes. As with the maintenance of common areas, you also have someone to share the expenses with.
Your neighbors can make or break your living experience that is why it is important to meet them and see how they are with you. If you are a landlord, you have to choose carefully when it comes to tenants because they will serve as your next-door neighbors.
The area is another factor in buying a duplex. The price of the duplex will depend on the area you choose. If it is a prime area, expect higher prices.