When considering their real estate options, a lot of people overlook the possibility of buying a duplex. A duplex might be a very wise investment decision, especially for a first-time home buyer, and one that will pay off in the long run. However, before making this choice, it's crucial to Granny Flat Builders Campbelltown weigh both the advantages and disadvantages of a duplex.

You will share the majority of your living space with someone who is ultimately a customer if you live in a duplex. This can have a big impact on how you use your own space, and as a landlord, it's your job to make sure your tenant has a comfortable environment. However, how your tenant uses the space can impact how much you enjoy yourself. For example, if they throw a party that lasts until two in the morning, you won't have much of a say as long as they are not breaking any laws.

Furthermore, you cannot always assume that your tenants will be able to pay their rent. Even though you may have the legal right to collect the rent if your tenant experiences financial difficulty or simply decides to leave, doing so may be challenging or even impossible. Although it is possible to evict a problematic tenant, the procedure takes a long time, and you will still be liable for your own mortgage payment. As a result, it is crucial to carefully vet any potential tenants, and it is wise to have some savings on hand as insurance against any unforeseen events.

On the other hand, the cost, or lack thereof, is one of the main benefits of a duplex. You can become a homeowner for a lot less money than you would have to if you were to buy a comparable single-family home because you will be renting out the other half of your duplex. Additionally, you can continue to rent out both sides of the duplex and accumulate equity until you decide to sell the duplex when you decide to move up to a single-family home.

Additionally, maintenance and repairs are simpler than if you were several blocks or miles away because you live next door to your tenant. If you have mostly lived in apartments, a duplex, which typically has both a yard and a garage, can be a significant upgrade. A duplex can be a wise investment if you can manage the financial and personal challenges that come with owning and renting one.