When buying your first home, you might opt for a single-family home because of its price, convenience, bigger backyard and privacy. However, one of the best reasons for buying a single-family home is actually the fact that you can easily turn it into a duplex. Next to all the benefits of a single-family home, a duplex comes with some more unique benefits as well – and here are some of them.
It provides you with more options
Having a duplex naturally means that you would have more rooms at your disposal, which you can use for many different purposes. For example, if you work from home, your duplex could be a perfect workspace. Or, you can turn one part of your duplex into a guesthouse for your friends and relatives. Additionally, if you have any hobbies or interests, having extra space allows you to pursue them more passionately. For example, if you love reading, you could build your own home library.
It can improve your family lifestyle
If you have an elderly parent who is starting to need a bit more help but still wants to remain independent, they could live in one part of your duplex home. This way, they would get enough privacy, and you could easily check in on them. Or, you might have a child who wants to start an independent life. A duplex would allow them to experience the independent lifestyle while still being close enough in case they need some guidance with the transition. In short, a duplex would enable you to provide a family member with space and privacy while still being nearby if they ever need any help.
It can increase the value of your property
Buying a single-family house and then transforming it into a duplex can greatly raise the value of your property in case you ever decide to sell it. You can even renovate and sell only one part of it if it suits you. After all, since both parts of the duplex have their own separate entrances and utilities, selling just one part should not be too challenging. Furthermore, if you could use some help transforming your home into a duplex, you can always consult the professionals, like Meadan Homes company that specializes in building and renovation. They would ensure that your duplex suits all your needs and wishes, so you can start profiting from it in no time.
It can be a great source of income
Having a duplex gives you an opportunity to increase your income by renting out one or both parts of it. You could rent them out separately or together, depending on the buyer. Plus, if you decide to live in one part while renting out the other, it would allow you to keep an eye on the tenants and ensure that they keep your property in good shape. This is why having a duplex is a perfect opportunity for Airbnb. Also, by renting one part of your duplex and living in the other, you’d be able to prepare it and clean it for your future tenants more easily and quickly.
It provides you with tax and mortgage benefits
Having a duplex means that you could deduct 100% of your mortgage interest if you choose to rent both sides of your home, or 50% if you rent only one. There are many other expenses you can deduct too, such as insurance, property taxes, repairs, advertising fees, etc. Plus, if you share any utility bills with your tenants, you can easily write off that part of the taxes as well.
Turning your home into a duplex comes with many advantages, from providing you with more flexibility to increasing the value of your property. So, if you are thinking about upgrading your home, you should definitely consider transforming it into a duplex.