Are you getting ready to build a new home on an empty lot? Or are wanting to tear down an existing home to rebuild it?
If so, have you considered building a duplex?
A duplex house is essentially two houses that share a common wall but have separate entrances. There are many reasons to have one, as you’ll soon see.
Keep reading to find out exactly why you should consider duplex house construction.
1. Be a Landlord
Owning rental properties is a dream of many people who want to earn passive income.
Living on one side of a duplex while renting out the other can help you learn without jumping right into investment properties.
Or you can double your income by renting out both duplexes.
Tenants have shown an increased interest in duplexes over apartments because of their house like feel and even over single lot houses because there is less maintenance (like lawns and gardens) but they often still have the size and amenity of a house.
2. Earn Extra Income
Many duplex owners are earning extra income with their duplex by renting it out to vacationers on AirBnb.
Whether it’s someone coming from another part of the country or another country altogether, people pay a premium to rent out houses for a night, weekend, or week!
What’s great about this is that all you have to do is take some great pictures, then list your home on the website. Plus, you can always block certain days if you have family coming to stay with you.
3. Pay Off Mortgage Faster
Another benefit of renting out one part of your duplex is that you can use the rental income to pay off your mortgage far faster than you would if you were living in a single-family home.
Building a duplex costs more than a single-lot home, but not nearly as much as two houses, so your costs will be higher yet your income will be greater. If you are building a duplex as an investment property, you’ll earn back your investment even more quickly.
4. Easily House Extended Family Members
For those who have large, extended families, having a duplex is an easy way to house everyone without struggling to find places for everyone to sleep. Instead, they can have their own home which keeps everyone more comfortable.
This can also help adult children learn to be independent without sending them off into the world somewhere. They can have their own space and learn how to pay rent on time while being close.
5. Elderly or Disabled Relatives
If you have an elderly or disabled relative that’s not ready to go into a nursing home, having a duplex is the perfect solution. They can maintain their independence while being close enough to get help whenever they need it.
Ready to Build a Duplex?
Now you know five reasons to consider duplex house construction. As you can see, it’s a great way to help friends and relatives and also increase your investment income.
If you’re ready to start building, contact us today for more information.