Are you on the hunt for a new home? Have you searched just about every single townhouse, condo or even a single-family home without any success? Well, there is one type of homes you are overlooking, duplex house plans.
If you are planning on buying a new home, you should definitely consider purchasing a duplex home design. Why? Well, the benefits associated with making such an investment are very handsome. In fact, in most cases, these benefits tend to outweigh the investment. Unfortunately, many investors and homeowners alike fear to make such an investment due to lack of knowledge. In particular, knowledge of the benefits associated with owning such a home design.
It is with this that today we’ll be sharing with you top 4 benefits of duplex house plans. That said, this post will primarily focus on the following key benefits;
- Potential Rental Space
- Land Maximization
- Minimizing Mortgage Rates
A big plus with duplex house plans is affordability. What exactly does this mean? Well, price tag. With many duplexes, you’ll find that they are located in neighbourhoods that are very affordable. Furthermore, they are often cheaper compared to other types of homes like condos, single-family detached homes and many more. This ultimately makes duplex homes perfect for first time home buyers. This also applies for any home buyer keen on generating extra cash flow (we’ll get deeper into this later on).
Of importance to note here is that you might be forced to budge on location. Many homes spotting duplex designs aren’t located in neighbourhoods within city limits. In most cases, you’ll find them in the suburbs. This in mind, you should be comfortable living in such locations.
Potential Rental Space
Potential rental space is arguably one of the biggest benefits associated with duplex house plans. Whether you are buying to stay or buying to rent out, you’ll find that you have added flexibility with duplex designs. In general, these designs have dual occupancy. What this means for you is that you can opt to live in one unit while renting out the other. Alternatively, you can end up renting out both units if you are looking to make a duplex home investment. Either way, a duplex offers you lots of flexibility and the ability to create a cash flow for yourself.
If you are a property investor and looking to fully utilize your land then look no further than duplex house plans. With duplex floor plans, you’ll end up getting the most out of your land. This is due to a two for the price of one situation you’ll find yourself in. What this provides for investors is an opportunity to generate double their return. This is more so true if you were to compare duplexes to single-family homes built on the same piece of land.
Minimizing Mortgage Rates
With the right duplex house plans, you will be able to minimize your mortgage rates. How you ask? Well, to help bring this point to life it’s best we show you practically. So let’s say you’ve gone ahead and made a purchase of a duplex that has a monthly mortgage of $1,400. You can decide to live in one unit while renting out the second one.
In terms of pricing, you can choose to rent it out for a sum that will get your investment back and more. What this does is minimize your mortgage rate as you’ll be left with a very small monthly balance to pay. All in all, you might just end up clearing your mortgage sooner than you thought. Even better, mortgage companies consider duplex house plans single property. As a result, they do give decent interest rates to home buyers planning to occupy units in duplexes.
Duplex house plans are perfect for just about any home buyer, especially those making their first purchase. If you believe it is a perfect house plan for you, do get in touch with Duplex Invest. You can do this over the phone by dialling 0410 314 179.