Do you want to live smarter? Do you want to have more freedom in your single-family home? Do you want to break into the rising property rental business? The smartest solution to your problems is converting your home into a duplex. You will be able to retain all the advantages of a single-family home and add some new benefits to the list. Here are just a few of the most prominent reasons to invest in duplex conversion.
Increased rental opportunities
One of the biggest benefits of building a duplex is rental opportunities. A duplex owner can choose to rent one side of the property and live in the other and still have a steady source of income to cover utility bills or mortgage payments. On the other hand, renting both sides of a duplex doubles the benefits and rental income. Even if one side is empty, it’s still possible to profit to an extent. Additionally, with the popularity of duplex properties, you’ll have no shortage of interested renters and buyers.
Short term rental benefits
Breaking into the short term rental market is can be quite easy with a duplex. Creating an short term rental listing for one or both sides of your property is a great way to reap income if you don’t want to rent your duplex permanently. Additionally, vacation rentals are often rented for only a few days, which means you can list your property at a higher price, yet still keep it more affordable than a single-family home or apartment. However, vacation rentals need to look eye-catching and luxurious, which can be an added expense. But, with a few aesthetic investments, you can make your property appealing and gain a wide audience of clients. At the end of the day, most travelers prefer to rent a duplex than a tiny room or huge and expensive single-family home.
Buying or building a duplex is often more affordable than investing in a single-family home, particularly if you’re planning to rent. If you’re aiming for a functional yet cost-effective housing solution, especially in big urban centers like Sydney, a duplex is a great option. The fact that blocks of land in Australia are getting smaller and more expensive puts duplex housing on the radar of many investors and homeowners. Professional and qualified duplex builders from Sydney are experiencing an increase in demand for their products and services due to their functionality and affordability. With every year, the popularity of duplexes rises and they even threaten to take over the crown from Australia’s favorite granny flats.
Investing in a duplex means investing in comfort and flexibility. It provides a great level of versatility and convenience to owners no matter their lifestyle and living situation. If you’re not planning to rent or sell the other side of your duplex, it can easily be turned into a practical office space or guest housing for your visiting family and friends. Additionally, it’s a great solution for housing your elderly parents or teens and young adults who require independence with a certain dose of control. Big families will easily use the entire property with every member having ample personal space and privacy.
Tax and mortgage benefits
Opting for a duplex over other housing options will also bring numerous tax and mortgage benefits. In case you decide to rent both sides of your property, you will be able to deduct 100% of your mortgage interest, with 50% mortgage interest deduction if you want to rent just half of your duplex. There are other deductible expenses like property taxes, insurance, advertising fees, repairs, cleaning and other services. If you share expenses with your renters such as utility bills or internet and cable, you can write those off as well.
If you have any aspirations to upgrade your home, consider turning it into a duplex. From various rental opportunities to tax and mortgage benefits, you will not regret your decision. So, find reliable duplex conversion experts and get to work.
By Robert Clayton