When people think about building their home, they often think about what kind of home that they would like to create. They might be thinking about building a bungalow type home, maybe a two-storey building or some other family option. However, when they are coming up with new ideas, they never seem to think about the many other options that are open to them and building a duplex home is one such option. As the title suggests above, you could build a property that someone will end up paying the mortgage for you and that makes sound financial sense. You could live in one side of the building with your family and the other side could be rented out to individuals who pay a monthly rent that will more than cover your mortgage payments. The extra money can then be invested in your side of the building to make your life a lot more comfortable.
If this has sparked your interest, then you can find custom duplex home builders in Canberra, and they are ready to take on your project any time that you want to begin. If you’re still not sure about whether or not this is the right building option for you, then maybe the following benefits can help to change your mind.
- Your mortgage is paid for you – As touched on briefly before, the people in the family that live in your duplex will pay you rent each month that can help pay for the mortgage of the whole building. This will make your life a whole lot easier and it will allow you to spend the other money that you earn by doing your job, on things like the vacations, a nice car and some cool things for the kids.
- There are tax benefits – Everyone knows that you can get a reduced tax bill because you’re allowed to deduct the mortgage interest that you pay on your property. You can also claim tax benefits on the other side of your property that you’re renting out for things like taking care of the property and essential maintenance. It may be also the case that you are sharing your Internet with your tenant and so you can write the payments for this service off as well.
- You get to retire earlier – Many of us spend our working lives trying to come up with the money to pay for a mortgage over 30 to 35 years. If someone else is renting the property beside you, then they are paying your mortgage and this will allow you to save a lot more money and to invest it in other projects. With the right financial provider at your back and this extra money, you should be able to retire earlier than anyone else.
Building a duplex probably never entered your mind up until now. However, it is a sound financial investment and one that you should really consider.