Undeniably, owning a house is one of the most significant achievements in life. When you are financially ready to buy your first house, you should consider what type of house fits your needs. An unpopular option that many people do not know is a duplex house.
A duplex house is a multi-unit residential building that consists of two floors. The design has a central wall separating the two units, with separate entries and a staircase as the connector of the floors. The lower floor, generally, has a kitchen, dining room, and hall, while the upper floor houses bedrooms.
A duplex house has several financial benefits you can gain. Here are ten duplex house ideas, including reasons why they will increase your portfolio value. As always, Simphome presents you with the list.
10 Duplex House Idea Video:
10. Healthy Rental Returns
Owning a duplex means learning to be a landlord and earning added revenue. The owner can live in one unit and make the other of their property available for rent. The rent will cover the initial investment on the property, the principal and interest payments, and the insurance and taxes.
Making one side of a duplex house available for rent means you can watch on your tenants easily to prevent any illegal or destructive activities without interrupting their privacy. If there is any repair required, you are just ready next door.
9. Extra Mortgage Benefits
The most appealing point to buying a duplex house is that you can make the other unit available for rent while you live in one unit. The rent will help you pay off your mortgage. Moreover, the interest rate is lower if you buy a property for a dwelling. Therefore, owning the whole house at a lower cost is an excellent choice.
For example, if your mortgage is $1,200 per month, and the rent you gain is $800 per month, it means you only need to pay $400 every month. What a delicious opportunity!
8. Tax Benefits
When you purchase a duplex house and live only in one unit, a tax write-off is only for that unit. But if somebody else rents out the other one, you’ll get additional write-offs. It means the mortgage interest is much lower, and the rent helps you pay the home ownership.
The tax will benefit you deduct the maintenance cost if there are any repairs you make to the rented unit. This also applies to all expenses, such as house supplies or utility bills.
7. Affordable Prize for Huge Advantage
Depending on the market and location, a duplex house can be lower than buying two single-family dwellings. There are plenty of choices of duplex houses in affordable neighborhoods. It puts you on the fast track to owning a home. In addition, if you get rental income, the place will be more affordable.
However, some common expenses when considering buying a duplex house include a down payment, mortgage, property taxes, utility expenses, maintenance, and property management.
6. Multi Purposes Unit
A duplex can be a perfect workspace if you want to run a business from home. You can simply dedicate and set up a room, the lower floor, or even the entire other units as a home office without renting a separate expensive office.
You can also use a duplex as a guest house where your family or friends visit, giving them total convenience and privacy. Another purpose of the duplex is to be a convenient place for the elders who need regular nurse check-ups. They will remain independent, and you’ll get your privacy.
5. Potential Vacation Rental
Instead of letting somebody rent the other side of your duplex for a traditional one-or-two-year lease, why don’t you promote it through your local vacation rental sites?
Vacation rentals are usually for a short-term period, so you can potentially charge more money. The vacation renters will also likely look for a full apartment than renting a single room in a house due to the convenience and privacy, yet they can still reach you out easily anytime needed.
In some vacation sites, people construct duplex houses purposely for rental. The price is lower and fully equipped.
4. Ideal for A Joint Family
If you are a father who wants to buy your two kids a house for each, a duplex house is an ideal solution. A duplex house has two living unit side by side. It is suitable to house two growing families on a small plot of land.
The duplex can accommodate the joint families so they can stay close to each other and live independently without many interferences in each other’s privacy. This situation will work great to maintain a good long relationship between families.
3. The Prima Donna is The Staircase
The staircase is an essential component in a duplex house because it connects the two floors of the home. Treat it as a unique feature that serves as a social engagement area in your precious duplex. Consider a pop-up design that will give a glamorous touch to the space.
An elegant spiral staircase in the middle of the room in a larger house will exude sophistication. The wooden stairs, however, will hold the warmth of the space. For a compact space, don’t worry. You can opt for another staircase design.
Try a bright color like a lime-green hue that will stand out, and install ambient night lighting or all-glass stair for a modern impression. Luxurious granite or marble is also lovely if you are a fan of natural stone.
2. Low-Rise Duplex for Small Plot
There are three duplex houses: standard, ground, and low-rise duplex. The standard type has the typical side-by-side or upper and lower units, while the ground duplex has a basement or ground parking lot. Unlike other styles, the low-rise duplex house stands in a smaller area, making this a challenge for the architects. They need to think much deliberation to optimize the utilization of the space available.
Lastly. Number 1. A Chance to Utilize the Tall Walls
The unusual design of the duplex house offers you a large area to play around with elements that will make your house comfortable without ignoring aesthetics. The duplex has a double-height wall because it spans both floors.
The high ceilings will look dull if left empty. To solve the issue, you can explore creativity, such as displaying super-sized art or decoration.
Look for paintings, exciting wallpapers, decorative displays, or textured paint. Adding mirrors or lighting exposure will make the space look fancy yet classy. All you need is to match it to your personality and other decor elements you already choose to embellish the space.
In essence, owning a duplex house means you have two separate homes in one building. It will give you a great benefit as a high-growth and high-yield investment. You get a living unit on one side and a multifunctional one on the other. If you rent the other one, you will achieve cash and high-interest return over time. In the end, let’s hope the economic recession and other international conflicts with other countries will recover sooner.