8 Benefits to have a duplex / Triplex or Fourplex!
When most people think about buying their first home, three options typically come to mind: Single-family home, Townhouse, or Condo. But there’s a fourth option to consider to buy a duplex home. Owning a duplex in Montreal like to get you into home ownership with some mortgage and tax advantages. Plus, if you rent out one side, renters can help pay that mortgage.
Here is 8 reasons why duplexes may be the hot new home buyer.
1. There are mortgage advantages: If you plan to rent out the other side, you might also qualify for a larger mortgage. Many lenders will allow you to include part of the potential rent into your income when qualifying for a mortgage.
2. You get tax benefits: You might already know that you get a tax write-off when you buy a home, you can deduct the property tax, school tax and mortgage interest you pay. If you buy a duplex and live in one side, you can write off only that side. But if you rent out the other side, there are additional write-offs. You can write off all of the repair /renovation cost that takes place. You can verify with your personal accountant. These could be fees accrued to rent the place out or even manage the property. All are completely tax-deductible. If you share expenses such as internet with your tenant, you can also write those off too.
3. You learn the landlord business: Being a landlord is a great side business and can provide a way to earn passive income. If anything goes wrong, you are just next door to verify it and easy to resolve the issues.
4. A duplex gives you more options: The other side of a duplex could also make a convenient place to house elderly parents who need someone checking on them daily, the parents get to remain independent, and everyone gets some privacy and more other options.
5. It has great potential as an Airbnb: You can potentially earn more money renting the other side of your duplex through Airbnb or other vacation rental sites than you could by renting it on a traditional one-year lease or short-term lease.
6. Same maintenance costs: For single family homes, maintenance costs like those for the yard and garbage disposal are incurred so as to serve a dwelling and family. For a duplex, you will be effectively serving 2 dwellings and 2 families at the same costs!
7. Have someone else pay for your residence: There is nothing stopping you from staying in one unit as your residence and renting out the other unit to tenants. You get to own the house and enjoy your privacy while the tenant next door will be servicing your mortgage commitments for you.
8. Unique selling point: When the time comes for you to sell the place, a duplex puts the property in a unique niche that can look like a very striking proposition to the potential buyer.
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