A duplex can provide you with a place to live and generate rental income.
Owning a home is a way to provide your family with a place to live that increases in value and provides you with a long term asset. With rental prices rising, buying a home is often cheaper than or equal to local rental prices. With low mortgage interest rates and rising home prices, now is the time to buy a home.
Many families want to own a home but are also looking for additional income. If you are tired of being a renter and want to become the landlord, consider purchasing a duplex. You can live in one side and rent out the other, using the rental income to help pay your mortgage payment. The benefit of purchasing a duplex, over a three or four unit dwelling, is that he interest rates and available home loan programs are typically the same as a single family home.
How To Purchase a Home That Generates Income
Speak with a mortgage lender. Apply for a new home loan and let them know you want to purchase a duplex to find out how much you qualify for and what the down payment will be. Find a duplex that is large enough for you to comfortably live on one side. The amount of space in each unit may not be equal, allowing you to pick which side you live on based on how much rental income you want. Look for one with a tenant already living there. This ensures that you receive rental income from the moment you close on your home purchase. Secure home owners insurance that covers not only you and your family but also the rental unit. If you want to test out the rental market in the area, consider placing a generic ad online and see how many people respond. This will help determine what the realistic value of the rental unit is. Owning a rental property also has tax advantages. Speak with your CPA or tax advisor to find out how much money you could save on your taxes by deducting คอนโดมือสอง ราคาถูก the interest paid on your mortgage and rental expenses.
Buying a home is an important step in your long term financial health. Purchasing a duplex for your first home, can be a wise step in creating a future property investment portfolio. Since the property is generating income you can take the entire rental payment and pay it toward the mortgage, in addition to you making the standard mortgage payment. This will help you to pay the mortgage off sooner. Once you have paid off the duplex, all of the income it generates will be available as an additional revenue stream for your family. A mortgage lender can go over the various options available to you for purchasing a duplex or any other rental property. Working together, a mortgage banker can set you on a path to creating a rental property investment portfolio that generates income now and into retirement.
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