Buying a Duplex Can Be Your Best Choice

You are going to buy a house. There are so many options available. Have you considered an option that pays you?

A duplex is a simple arrangement - two houses in one structure. You can live in one side and rent out the other, or, rent out both sides. But, why would you want to do that.

Duplex living is not for everyone, but it is for those who are interested in the following benefits:

• Rent pays a good part of the mortgage
• Tax benefits are available for the rental portion of the duplex
• You can get FHA financing for a duplex
• You may be able to use the Home Buyers Tax Credit if you qualify otherwise up to the full $8,000.

Simply, if you live in one unit and rent the other, a good portion of the cost is paid by your tenant. In addition, you can deduct from your income tax, rental expenses, finance costs, property taxes, and depreciation even if you otherwise would not be able to itemize expenses. Your tax advisor can tell you more.

Now May Be the Best Time to Buy a Duplex

Interest rates are low. The $8,000 home buyers tax credit is available for duplexes under contact by April 30 of next year. Prices are beginning to stabilize. In the past six months, prices are basically flat. That means that you will be buying much closer to the bottom of the market. We don’t know if we are there yet, but we are getting much closer.

Call Lynn Byrne at 386-566-7503 to discuss the Ormond Beach Florida Duplexes we have available. We can guide you to very nice units that rent well.

Tags:   Daytona Beach Duplex · First Time Home Buyers Tax Credit · Ormond Beach Florida DuplexesNo Comments