What You Need to Know Before Buying a New Duplex as Your Home

12 May 2022

Investing in a new duplex as your home also needs deliberate planning. You must have to think about all the factors relating to buying a new duplex – if this investment is a good choice for a new home and a source of passive income at the same time. You just need to look for great deals and options that can provide you with these benefits. Nevertheless, investing in a duplex is not for everyone. So, you must also examine if buying a new duplex as your home is the most suitable choice for you. In this blog, we have listed down what you need to know before buying a new duplex as your home.

Determine if Both Houses are Sold Together

Before buying a new duplex as your new home, you need to know if both houses are under a strata title. If it is under a strata title, you can only buy either side of the duplex as well as the land on that side was built. Not the entire land. You must know this vital importance beforehand to avoid confusion and legal issues in the future.

Check Your Budget

Another thing that you need to know before buying a new duplex as your new home is that checking your budget is an important initial step. Understanding that one side of the house means half of the price tag and full-duplex means full price, lets you assess if you need to take a bigger or a smaller home loan.

Assess the Location

Assessing the location will also play a key role in your plan to buy a new duplex.  It will be very helpful for you in deciding to buy a new duplex to pick a duplex that is situated in the best location where access to the highway and establishments is easier.

Rental Options

If you were able to buy a duplex with the strata title, then you can have the other side rented and the other side as your home. You can also choose to rent both sides to generate more passive income.

Before you purchase a new duplex as your new home, make sure you consider these things. To make the process easier for you, we suggest that you hire a licensed building professional and a residential building contractor to guide you. If you need a company that is in Alexandria, we are the best option for you. At Olympia Homes, we specialise in residential building design and construction. We also offer competitive and reasonable pricing based on your upwards extension project budget. Our team is composed of licensed building professionals and project managers that can surely provide you with the best that the industry has to offer. Call our team to request a quote now.

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