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With the rising cost of real estate all over Edmonton, a side by side duplex for sale can be an ideal first home or a nice investment property. Since side by side home designs are built as two residences in one, you get to split the cost with another resident and still have access to your own areas, just like a freestanding structure.
Not only is a duplex a great investment for homeowners and landlords, but a duplex has a number of advantages over a single family home, which means that you should be looking at Edmonton side by side duplexes if you want your money to go a little bit farther.
Get Help With Your Mortgage
Unlike a single family home where you’re responsible for it all, a side by side duplex for sale in Edmonton means that you can buy the duplex and rent one side out while you live in the other side. The rent won’t likely be enough to cover your entire mortgage unless you’re able to put a significant chunk down, but it can help turn what would otherwise be an expensive mortgage into something that you can work with.
In fact, let’s say that you’re able to buy a duplex with a $2,000 a month mortgage. If you can rent out the other side for $1,500, that would mean you only need to come up with $500 a month to cover your mortgage every month. Or you could always double down on your mortgage and pay in more than you owe each month so that you can finish paying off your mortgage earlier.
Duplexes Are Affordable
Because side by side duplexes for sale in Edmonton tend to be located in more affordable neighborhoods and you can rent out the other side to help with your mortgage, duplexes are much more affordable than single family homes that may be well out of your budget. The best thing about owning a duplex is that after a few years, you can take the equity that you’ve built up and use it to upgrade to a larger home, or you could even try renting out both sides to help cover a mortgage somewhere else.
Duplexes give you a lot of flexibility and control when it comes to your living situation, and all the money you save can go right back into your bank account while you save up for something else. You’ll also likely be bringing in rental income, so that means even less of a burden each and every month.
Rent to a Family Member
If you have a close-by family member in the area, there’s nothing like letting them ditch that claustrophobic apartment for the other half of your side by side duplex. Having a family member next door is ideal if you ever need an impromptu babysitter, and it’s also great to have them close so that you get privacy when you need it but it’s always easy to visit when you have a few minutes.
If your family member needs assistance from day to day, a side by side duplex for sale in Edmonton could be the perfect solution to those awkward and stuffy nursing homes. Having a family member next door is also ideal for those family gatherings as you can open up both sides to everyone.
You’ll Get Tax Benefits
While you can only write off the property tax, school tax and mortgage interest on one side of a duplex if you’re renting the other side out, you can, however, write off renovations, repairs and any other improvements you make to the rental side, in addition to any fees and management costs associated with owning the property. Better yet, if you share anything with your tenant such as internet, electricity or water, you can write those off, too.
Start Being a Landlord
With a side by side duplex for sale in Edmonton, you can get started being a landlord without having to constantly worry about a remote property. Since your tenants are next door, you can easily stay on top of any repairs or issues with your tenants, and to act fast if you see any red flags. Once you’re ready, you can then move out of the other side and get another set of tenants for even more assistance on your mortgage. With any luck, you’ll have your entire mortgage paid for and then some, which is why a duplex is a great way to get started as a landlord.
Duplexes Are Great Vacation Rentals
Since you’re right next door, a side by side duplex for sale in Edmonton is a good way to try out the whole vacation rental thing. Believe it or not, but you’ll be able to make more per month by renting out a day or two here and there than you would be able to get if you rented out the entire place for the month. You’ll also be able to command more with a duplex than you would with a room in your home or an apartment because of the shared amenities and features.