By Andy Meeks, September 18, 2018
A solid first-time homebuyer option that’s often overlooked – the duplex.
There are a lot of advantages to an owner-occupied duplex property, including leveraging better mortgage rates, lower downpayment requirements, and higher borrowing limits than would otherwise be required for a pure investment property. And it can be easier to find options in the more sought-after parts of town where one might be priced-out of single-family detached homes.
The strong rental market in Portland supports steady tenant demand, and the supplemental income can help build equity and wealth more quickly than a single-family detached home. AirBnB options abound, too, especially when one of the units is owner-occupied.
(Of course, duplexes are also an excellent non-owner occupied investment option, as they provide a buffer when one of the units is vacant, and are generally compact enough that maintenance is fairly straightforward.)
If you’re ready to be done with the live-in roommate, but don’t mind sharing a wall and some common spaces, it’s worth considering a duplex. There are a lot of options around town in all different styles, ages and price ranges.
This Forbes article has some great additional information, as well.
Let me know if you want to talk more about how this could work for you, or someone you know!
Header Art and Credit: Birgul Zalkhayeva on 123RF.com
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ANDY MEEKS
Living Room Realty
Licensed Oregon REALTOR® | Earth Advantage Broker
andy@livingroomre.com | 971.400.0195 | PDX
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Andy Meeks
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