The best way to make money by buying a home is by getting a duplex. It serves dual purpose by giving you a place to reside and generate income by renting it out. Buying a home always adds to an asset as it gradually increases in value. It also provides you a safe shelter. In the present situation, when the rental rates are increasing everywhere, buying a home is always a better option than renting it.
Many people want their house to serve a double purpose. They want to have a place to live in and also want to accrue additional income. Are you also having the same feeling? Have you gone tired of renting a home, tackling the brokers and landlords, paying high rents and miscellaneous charges? You can now be a landlord and rent out your home for income, as well as reside under the same roof. Purchasing a duplex is a great option and has lot of benefits. You can stay at one side and rent out the other side. You can also use the rental income to make your mortgage payments.
Ways to buy a home that also generates income:
- Search for a duplex that is enough to accommodate your family and also suitable for renting out. The size of all the units in the duplex may not be same. You can choose the one, depending on the amount of rental income you want to generate.
- You can have a talk with the mortgage lender to apply for a loan. You can speak to them about the purchase of duplex and also make sure about the down payment.
- A good way is to look for a duplex which already has a tenant living in it. This will ensure that you will get a regular stream of rental income from the time you purchase it.
- Do not forget to secure home owners insurance. It should cover you and your family as well as the rental unit.
- You can also consider testing out the rental market in your region. You can do so by placing a generic advertisement over the internet and find out how many people reply back. This is a good option for determining the realistic value of the rental unit.
- If you own a property, then it will also carry tax advantages. You can speak to your tax advisor or CPA, in order to find out the amount of money it is possible to save. This is calculated by deducting the interest payments on your rental and mortgage expenses.
Purchasing a house is always a healthy decision for your financial conditions. Buying a duplex is a wise decision, in order to gain good profits. The entire rental payment can be easily utilized towards making the mortgage payments. As soon as you clear all your mortgage payments, the entire rental income becomes a stream of income for you and your family. Hence, a duplex can deliver the best of both worlds; an option of rent out and a place to live in. Harji Realtors is one of the leading real estate agents in the region of Chandigarh, Mohali and Kharar. For more information on great deals in Plot in Mohali and the best house in mohali check out our website