Many people overlook the possibility of purchasing a duplex when considering their real estate options. A duplex can be an excellent investment option, especially for first-time buyers. You can also search online to hire a duplex home constructor in Sydney.
Before making a decision, you should consider the pros and cons of a duplex.
A duplex has many advantages, including the low cost. You can become a homeowner by renting out half of your duplex. This is a much cheaper option than purchasing a single-family home.
You can also rent out the other half of your duplex to build equity and save money if you want to move to a single-family home. You also have the benefit of being close to your tenant so repairs and maintenance are much easier than if they lived far away.
Living in a duplex means that you share your entire living space with someone who is ultimately a customer. This can have an impact on how you use your space. As a landlord, it is your responsibility to create a safe environment for your tenant.
You may also be affected by the way your tenant uses your space. If they have a party that goes on until 2 a.m., you won't be able to sue them as long as they don’t break any laws.
It is not possible to assume that your tenant will always be able to pay rent. Even if your tenant is in default, it may prove difficult, if not impossible, to collect the money.