Duplex Homes: The Perfect Luxury Investment
Luxury homes come in various forms - penthouses, villas and duplexes. A duplex is a two-storey building comprising of complete apartments, on each floor. The two units have separate entrances and share a common central wall. The homes are mostly connected by an inner staircase. Duplexes are good investment options and have more benefits to offer, compared to apartments or villas.
MakaaniQ tells you why it is best to purchase duplex houses, despite their cons.
Pros of duplex homes
Privacy: No one has been ever disappointed with more space. Duplexes clearly promise complete comfort for the residents. The house plan comes with high-end specifications and large spaces that could include gardens or open courtyards. Some duplexes even have garages.
Accommodation for two families: Duplexes are ideal when you need to live with another family, like with grandparents. You could let your friends or members of the extended family stay with you in one of the two apartments.
Duplexes are relatively affordable: Duplexes are much more affordable when compared to other single-family luxury homes of the same carpet area, with the same number of bedrooms.
Opportunity for additional income: If you are a small family or don’t mind the additional income, one of the houses of the duplex, can be let out on rent or used as an office space. This is especially beneficial when you have purchased the property on loan because the rent you collect, could be used to repay the loan. Since the two units are well-equipped with separate kitchens, bathrooms and entrances, duplexes have excellent resale value and appreciate at a faster rate.
Cons of duplex homes
Maintenance is the owner’s responsibility: Being the owner of the entire building, the task of supervising maintenance and repair works is the responsibility of the landlord, including its expenses. If not professionally managed, duplexes may not guarantee the pleasure and comfort you are looking for.
No guarantee on rental income: Tenants are temporary. There is no surety on how long the renters would stay. This uncertainty can affect the steady flow of rental income.
Issues with tenants: The relationship of the landlord and tenant, is a delicate one. If you share the property with another family, probably tenants, your privacy could be affected, causing disputes in some cases. It is best to think about all these aspects of renting out the duplex.