In a special housing supplement of the Austin American Statesman an article focused on business savvy investors who purchased duplex’s so that they could have an affordable place to stay, pick their own neighbors and have their mortgages split by their tenants. I found this article very interesting because I myself live in a duplex. I loved the idea of purchasing a duplex and having someone to share the mortgage with. I hate paying towards something I don’t own but if I owned the duplex I could get at least half if not more of the mortgage paid by a tenant.
The article also featured a review of three different duplex’s and their owners (a first timer, a veteran & a family). I think that this would be more applicable to a single tenant rather than a family unless the duplex is huge. However, if you need a supplemented income this is a great way to sit back and watch the money come in each month. The Burger family uses their tenants rent as a supplemented income so one parent can stay home with the kids, “If we had a big mortgage payment every month, both of us would have to work," says Gann Burger.
On the other hand, it is a business investment because you have to be able to keep the duplex up to date and looking good. Veteran Cash Edwards points out that a good way to keep your rent high is maintaining your duplex, “keep the tenant's side "swanked out" — even if the other side is a "hovel" — in order to be able to keep the rent high.” She also adds that there are several energy saving techniques to help keep bills low, such as “replacing all the toilets with low-flow models to save water and benefit from City of Austin incentive programs.”
I think that if I am still single when I become financially stable enough to buy my first property that I would love to invest in a duplex. I know it will be a lot of work keep everything maintained but this is something I am interested in and would love to turn into a hobby. However I will definitely be keeping this articles advice in mind when the time comes.
“Twice as nice”
Some savvy Austin homeowners have discovered that owning a duplex for their primary residence lets them pick their neighbors and pay part of their mortgage
By Jenny Miller
SPECIAL TO THE AMERICAN-STATESMAN
Sunday, October 21, 2007
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