When thinking of investing in property, you should think about it a little more deeply. When doing so, you can determine if the situation will work for your wants and needs. This is not as easy as many believe. Simply put, property investment is a huge deal, and a smart investor must do his or her own research. With this in mind, here is a short guide to help you decide if investing in a duplex is a good deal for you.
First and foremost, if you plan to build a house, you will need to find the right house plans. Companies like Monster House Plans have the whole works, from luxury floor plans to efficient duplex plans. Now, this is the wisest step to take initially as you will want to choose a house that works for every situation. Think about it, when a person wants to rent part of the duplex, he or she will want to walk into the home and feel at peace. For this reason, when you want to find the ultimate duplex for their situation, you must look at a few building plans. Without a doubt, when taking this first step, you will save yourself a lot of time and money.
Far or close:
It is often easy to get excited about an investment and throw your money at a house. However, if you live far from the duplex, you may want to hold off on investing. While it may seem simple to call the property manager or carpenter, it is costly. Instead, you should try to buy a place around your area. Then, when one problem occurs, you can hop in your car and drive over to the site. Otherwise, if you are far from home, you may waste a lot of your time trying to resolve issues. Check Zillow’s map to see what’s been selling around your neighborhood, it’s a great place to start.
Live in one:
One of the best benefits of buying a duplex is that you can live in one of them. This is perfect for a person who wants to watch his or her investment from up close. Not only that, when living on site, you can manage the property and watch out for any issues. On the other hand, if this is strictly an investment, you may want to consider living a few miles away from the house. With this, you can separate your business and personal life. Either way, with a duplex, you will always have the option to live on site.
Fix small things:
Above all else, if you buy a duplex, you should try to cut your costs as much as possible. One way to do this is to learn how to do some basic carpentry tasks. For starters, you should know how to build and fix small things. Furthermore, if you know basic plumbing and electrical work, you can save a lot of money. Otherwise, if you have to call a professional, you will spend a lot of money. Not only that, with a professional contractor, you will have to wait for him or her to show up at their leisure. Simply put, if you want to invest in duplexes or apartments, you must know how to do basic maintenance.
With these four tips, you can decide if duplexes are right for you. While it is a great investment for most, some struggle and it is wise for a potential buyer to look at the downsides and upsides of duplex investing.