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What would it be about if we could turn back time and say something to our younger selves? For us, it's this: save up and buy a duplex as your first real estate investment. Why? For good reasons! But before we talk about investing in duplex homes, let's first talk about what a duplex is. 

What is a duplex, and why should I consider it? 

Most of us dream of owning our homes. After all, home ownership gives a sense of success to a young professional. Then, if things get better, owning more homes and renting them out for more cash flow is not out of reach. 

But, the reality is most people don't reach that phase. Paying a mortgage alone can be a lifelong struggle, and in this case, owning many homes can be a bit far from realistic. 

Enter duplex homes, your gateway to real estate investing early on. A duplex is a side-by-side home with a wall as a partition and with separate doors. What's impressive is that a duplex is a single property, but you, in turn, get two homes. 

Having two home units in one property opens many real estate options. And many young professionals are using it as their entry point to real estate. Here's why you should consider investing in duplex homes in Delaware.

Duplex allows you to live free or cheap. 

Free or cheap living is the main selling point of why you should consider buying a duplex. If you own a duplex, you can live on one side and rent out the other. And, the rent you get from the opposite side will help pay for the mortgage on your side and vice versa. 

Let's say your mortgage is $1,500 a month. You can let your tenant pay $1,000 per month, so you only shoulder a cheaper payment of $500 for your mortgage. Or you can make double payments and pay off the mortgage quicker. In this way, you can turn your rent into passive income. 

Duplex is more affordable than single-family homes. 

A duplex cost is around the same prices (or slightly higher) as single-family homes. But you're getting two units in a duplex, and that's value-for-money right there. This investment will be good for you in the long term. 

Also, duplexes are less expensive and located in cheaper neighborhoods. Duplexes cater to low- to middle-income families that can't afford their own homes yet. Young professionals also prefer duplexes over apartments as they feel more "homey."

Duplex qualifies you to have landlord tax deductions. 

Buying a duplex as an investment property makes you a landlord. Thus, the state qualifies you for many tax deductions, and you can deduct your expenses for maintenance, home repairs, and yard work.

Leasing and financing for duplexes are not that hard either. Duplexes act as one unit, so the paperwork applies the same as when you're buying a single-family home. To find tenants, you can offer duplexes as "bigger than an apartment without the full price of a single home." 

Final Thoughts

The caveat is that finding a duplex in Delaware is a little bit difficult. But, it's not impossible. So, if you're curious about finding options to generate wealth while living in that home, we can help you. Email or call us at Loft Realty and let's have a conversation. Together, let's find you a duplex here in Delaware and get you in for some real estate investing!