Why buy a duplex?
I’ve been asked the question “Who should consider buying a duplex?” The answer to that question is: Everyone. More to the point, we should ask the question: Why should you buy a duplex? There are a number of situations where you would want to consider this. • As a first time home • A student living away from home • A retired couple • A single parent • A grown child with an elderly parent Let’s look at each of these situations. A first time home buyer Many couples buy too much house for their first home. Many of them remember their parent’s house and think that they need to buy a similar sized house. In fact, they can get by with something much smaller. The smaller payments that go with a smaller house will free up much needed cash for furnishings, a car, etc. But, does a duplex make sense as a first home? Yes it does. • As an owner/occupant you can qualify for a mortgage using the easier homeowner qualifications. In many cases this means you can buy with as little as 5% or even zero do
