If you are planning to secure a single family home, you are lucky because not all can afford it. If you are thinking about renovating, you should be practical and make sure that you stick to your budget. Renovating a house is a good thing but it is not the most practical thing that you should do for now. Renovate Plans are plenty but you have to be sure that you want it.
There are other people who prefer duplex homes instead of single family homes or renovating it. Duplex homes are affordable these days. Basically, it is a residential building that has the capacity to host at least two households with different entrances. Buying duplex costs higher than rental apartments because it is bigger. However, buying duplex is cheaper than buying a single family home.
Buying a duplex house has many benefits. For the most part, it will give you the opportunity to be a landlord. This means that you can rent out the other duplex, earn money from it or look for tenants that can help you with the mortgage. Duplex gives you a rare opportunity to get two units in one transaction – one for yourself and the other for whatever you think is necessary.
With these in mind, here is your guide to buying a duplex:
The first thing that you have to work on is your knowledge of real estate. It is important that you know the processes and you have an understanding of the deals and risks before diving in. This will serve as your foundation as a real estate investor and your first step to becoming a landlord. You have to be knowledgeable so you won’t be taken advantage.
Seek out a real estate agent
Getting the right help is crucial to be successful in the field of real estate. After knowing the nitty-gritty of real estate, it is time that you get in touch with a real estate agent. These agents will help you from choosing the best duplex to referring a good mortgage broker. Your real estate agent can make or break your duplex hunting so make sure that you are comfortable with that person.
Define what you need
After seeking a real estate agent, it is imperative that you define what you need so he/she can have an idea of what you are really looking for. Do not hesitate to mention all the things that you are looking for. The real estate agent will provide you with a list of potential properties based on the things that you described. If you want, you can also check online properties.
Make an offer and close the deal
After doing the math, you should make an offer. At this point, you will know if your offer is accepted, rejected or countered. You need to negotiate with the seller until you come to an agreement that will benefit both parties. The process of negotiation might be emotional pushing you to offer more. In this case, you have to ensure that you stick to your math and only settle if the amount is amenable to you. If everything is okay, close the deal so you can move in immediately.