Rent or buy a duplex for sale? Weighing the options

If you’re considering whether you should rent or buy duplexes for sale, you’re not alone. As the real estate market recovers, it is a good place to invest.

Rent-or-buy-a-duplex-for-sale-Weighing-the-options-3If you’re considering whether you should rent or buy duplexes for sale, you’re not alone. As the real estate market recovers, you may be interested in buying foreclosed homes as real estate investments. Buying a duplex gives you a place to live and an investment in the same property.

When examining whether to rent or buy duplexes for sale, you first want to know what constitutes a duplex. A duplex is a single building that’s divided into two separate and unique residences. Duplexes may have side-by-side residences or one residence on the main floor and another upstairs.

If you are ready to be a homeowner or own a home and want to invest in real estate, a duplex allows you to cover at least part of the mortgage with someone else’s money. If you think you’d like to buy a duplex, consider a few pros and cons before buying, such as:

  • A duplex allows you to own your own home and receive rent for the extra unit. Depending on where you live and the price of the building, you could end up living rent-free.
  • You’ll be on-site, so you’ll be able to respond to any emergencies quickly and efficiently.
  • Depending on where you live, the duplex may cost the same as buying a single-family home, but you’ll have an income stream.
  • You can move out of the property and rent out the your former unit, turning the building into a full investment property.
  • Rent-or-buy-a-duplex-for-sale-Weighing-the-options-2On the con side, you’ll be forced to learn how to become a landlord right away. If you’ve never been a landlord before, you’ll quickly learn it can be a
    demanding job.
  • As a duplex owner, you won’t have the privacy you’d get in a single-family home. If you’re not used to living in multi-family dwellings, this may be an issue.

When you’re determining whether to rent or buy duplexes for sale, knowing the advantages and disadvantages of each option can help you make an educated decision. To browse local foreclosure listings to see if duplexes are for sale near you, go to RealtyNow for free listings.

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