{"id":94614,"date":"2019-12-19T12:02:09","date_gmt":"2019-12-19T19:02:09","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=94614"},"modified":"2023-04-04T12:57:46","modified_gmt":"2023-04-04T18:57:46","slug":"buy-a-duplex","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/buy-a-duplex","title":{"rendered":"3 Reasons You Should Consider a Duplex as Your First Home Purchase"},"content":{"rendered":"

When most people think about buying their first home, a nice little brick house with a white picket fence comes to mind. And while there\u2019s nothing wrong with this, maybe you should actually be thinking about a duplex.<\/p>\n

3 Reasons to Consider a Duplex<\/h2>\n

If you\u2019ve never thought about owning a duplex, then you\u2019re probably unaware of just how many exist in your market. Duplexes are everywhere, and they can be extremely wise investments in certain situations.<\/p>\n

While you probably don\u2019t want to buy a duplex<\/a> if you have a family with kids, it\u2019s perfect for someone who is young and single (or newly married). Here are a few of the benefits you\u2019ll get to enjoy.<\/p>\n

\"\"<\/p>\n

1. Mortgage Benefits<\/h3>\n

Before you can even consider buying a duplex, you have to get your financing<\/a> squared away. As On Q Financial explains, \u201cThe pre-qualification process is the best way to determine the numbers that are right for you. Early in your search, you can work with a mortgage professional to get prequalified and search for homes within your wants, needs, and budget.\u201d<\/p>\n

What you\u2019ll find is that a duplex may actually help your mortgage situation, if you plan on renting out the other half. For example, let\u2019s say the mortgage on a duplex is $1,800 per month, but you can rent out one half for $1,000. You\u2019re essentially getting 55 percent of your mortgage covered. Not only does this save you money, but it could also help you build equity much quicker (if you choose to make larger payments).<\/p>\n

Related:<\/em><\/strong> How to Buy a Duplex: The Ultimate Step by Step Guide<\/a><\/em><\/p>\n

2. Tax Benefits<\/h3>\n

As you\u2019re likely aware, you can deduct the interest on your mortgage come tax season<\/a>. And while you can only write off the side you live on (in a duplex), you can gain access to additional write-offs by renting out the other half. This includes fees accrued to rent the place, as well as things like repairs, maintenance, and utility bills (if you share them).<\/p>\n

3. Ability to Learn a New Trade<\/h3>\n

Another added benefit is that you get to learn the ins and outs of the landlording<\/a> business firsthand. This will either show you, at an early age, that it\u2019s something you\u2019re not interested in, or it\u2019ll give you the experience and confidence needed to launch a career in real estate investing.<\/p>\n

Acknowledging the Downsides<\/h2>\n

Duplexes aren\u2019t perfect. In full disclosure, there are some potential disadvantages that you need to be prepared for if you plan on investing in one. The two biggest are:<\/p>\n

1. Lack of Privacy<\/h3>\n

For some people, the lack of privacy that comes with living in a duplex that you own is just too much. Not only do you have someone living just a few inches away from you at all times, but there\u2019s also the risk of late-night knocks on the door. If the air goes out or a toilet gets stopped up, there\u2019s no hiding. You\u2019re on call 24\/7.<\/p>\n

Related:<\/em><\/strong> How Single, Work-at-Home Mom Maria Bought Her First Duplex<\/a><\/em><\/p>\n

2. The Unknown<\/h3>\n

Finally, there\u2019s the unknown. In a duplex, there are two of everything\u2014including toilets, appliances, and fixtures. This means there\u2019s twice the likelihood that something will break down and you\u2019ll have to fix it (cha-ching!).<\/p>\n

There\u2019s also the risk that the other half will sit vacant for a period of time, resulting in no rental income. Keep this in mind as you weigh the pros and cons.<\/p>\n

\"landlord,<\/p>\n

Give Yourself a Financial Head Start<\/h2>\n

When it comes to buying your first house, perspective is key. You have to realize that you aren\u2019t going to be in this house forever. In fact, most people stay in their \u201cstarter\u201d homes for less than five years.<\/p>\n

Think about the pros and cons, weigh them against each other, and determine whether or not a duplex will work in your situation. For most young homebuyers, it turns out to be a smart decision.<\/p>\n

\"\"<\/a><\/p>\n

Are you considering a duplex for your first home purchase?<\/em><\/p>\n

Leave a comment below!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

When most think of buying their first home, they picture a little brick house with a picket fence. Maybe they should actually be thinking about a duplex. Here’s why. <\/p>\n","protected":false},"author":59534,"featured_media":114259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5524],"tags":[],"class_list":["post-94614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing-for-beginners"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/94614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/59534"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=94614"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/94614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/114259"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=94614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=94614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=94614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}