If you’re finally ready to buy or build your own place, right now you’re probably deciding which type of property to choose. When it comes to making this important choice, a lot of things need to be taken into account. If you’re viewing your new property as an investment opportunity, then you need to project the benefits of investing in each type of real estate. If you simply want a new home for your family and yourself, then consider the pros and cons of each type of property in your particular case.
A duplex is a house that is divided in two separate halves. While these two units can function independently, they essentially belong to the same building. A lot of people choose to build duplexes, so that they could live in one part and rent out the other, or occupy both units, or live in one of the units and keep the other one as a guest house. However, life in a duplex has its own pros and cons that you’re about to see.
If you look at real estate in Nigeria, you’ll quickly realize that duplexes are remarkably cheaper than detached houses and apartments. Considering that even half of the duplex is still an independent, separate piece of property, the difference between prices is something you shouldn’t miss – if you don’t have too much money to spend on real estate, duplexes might be your best choice.
Building or buying a house is quite a financial burden, which is why the opportunity to rent out the other half of the duplex will help you recover the money spent on the property. Use the rent money to cover the mortgage or improve your finances, and soon you’ll see a positive change.
Keep your family members close
The other half of the duplex is often used by owners to accommodate their relatives. For example, if your parents are unable to live on their own for some reason, let them occupy the other unit and you’ll always be able to come for help, have dinner together, or simply ask for an advice from your parents or relatives.
When, after living for a few years in a duplex, you’re ready to move to someplace else, you can always rent out your duplex and receive a stable source of income. Unlike many other types of real estate, duplexes lose almost nothing in value, which means it can give you benefits for decades after it was built.
Find the cons on page 2
Even though every duplex consists of two relatively independent units, the privacy for its occupants is still not guaranteed. If the construction of the building was executed poorly, it can turn out that all that separates you from your neighbours is a thin wall, which means you’ll know all of their secrets, and they will know all of yours. It’s especially uncomfortable if your tenant likes some loud activities at night, and you’re an early bird or a light sleeper.
Difficulty finding tenants
If you’re buying or building a duplex with the intention of renting out one or both units, you should know that no one can ensure you will have reliable and long-term tenants all the time. When you become a landlord, you have to face the problems every landlord faces, and finding the right tenants is one of them. Maximize your chances for success by placing an ad on JiJi.
No steady income
This disadvantage of owning a duplex comes directly from the previous one: since there’s no guarantee you will always have reliable tenants who always pay their rent on time, it can sometimes jeopardize your finances, especially if you took a loan to pay for the duplex and are now having difficulties paying it back. In this situation the best you can do is find steady tenants – a good idea is to rent your duplex unit to members of your family or friends, that way there are better chances for you to get the rent money regularly when it is due.