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Does buying a duplex for your first home make sense?
There are many benefits to buying a duplex for a variety of reasons (keep reading to see those reasons!), and there are many duplexes for sale in the West Michigan area. If you want to get a current list of all the duplexes for sale in the area, send us an email with the subject “Duplex,” and we will send you a list!
This is arguably one of the best benefits of owning a duplex. You can live in one unit and rent out the other, which helps cover your mortgage, property taxes, and maintenance costs. This makes homeownership more affordable and can provide a consistent cash flow! You can also use your income to help you qualify for your next mortgage.
You may qualify for tax deductions related to the property, such as mortgage interest, property taxes, and even expenses related to maintaining the rental unit. You can also write off depreciation on the rental unit.
If you live in one of the units, you might be able to qualify for more favorable financing terms (such as lower interest rates) compared to an investment property loan.
In real estate in general, and also when you buy a duplex, over time, the property value may increase, especially in growing neighborhoods. If you decide to sell, you could profit from the appreciation.
Does buying a duplex interest you? We have local experts who would love to answer any questions you have about it and guide you through the process!
Browse active listings in the area or contact us for off-market listings.
Have an expert help you find out what your home is really worth.