As for condos and houses price increases in Lakewood, the demand for rent increases, know how purchasing a duplex for sale in Lakewood can improve your portfolio. When you talk about Lakewood investment, a lot of people would consider apartments and single-family homes. However, there are other choices available, like duplexes.
Duplex for Sales in Lakewood: What You Need to Know
A duplex refers to a building composed of two residences that share a common central wall. Each has separate entrances and living room, kitchen, bathrooms, dining room, and bedrooms. Each unit, most of the time, has similar features. A duplex can be one story or a two-story building. If possible, you want to invest your money in a two-story duplex for sale.
So, in this blog, you’ll learn more about duplex for sale in Lakewood that will cover the following:
- Advantages and disadvantages of investing in this kind of property
- How to look for the best duplex for sale in Lakewood
This one’s for first-time investors who wish to enter the Lakewood rental market. So, please keep on reading:
Pros and Cons of Investing in a Duplex for Sale in Lakewood
While investing in this type of property may sound intriguing, below are some advantages and disadvantages you must learn about prior to looking for a duplex for sale in Lakewood.
Duplex for Sale in Lakewood: Pros
Best Starter Investment for Newbies
For first time investors who want to reside in a place that you can call your own, a duplex for sale can assist you in reaching your objectives. You can live in the single unit then lease the other, or you can try housing hacking and rent the bedrooms to other tenants.
This assists you in compensating for the loan or even allows you to make additional payments to clear your mortgage sooner. If you can purchase a duplex in cold cash, the rent can be put into your monthly profit.
Close Proximity to Rental Investment
If you’re a landlord, you’ll need to address the issues of the tenants. However, since you’re purchasing a duplex and residing in it, you don’t need to drive from the primary house to the rental home to address the case. Also, you will save on expenses as you don’t need to rent the service of a property manager that isn’t sustainable anyway when this is the only investment at the time.
Repairing Your Duplex Offer Tax Advantages
Home improvements aren’t fundamentally tax-deductible; however, they can offer tax benefits. Investors who purchase a duplex for sale in Lakewood and fix them will allow depreciating the expense as a rental cost. This figure will be deducted from the rental income you get, and the difference will only be the taxable amount.
Duplex for Sale in Lakewood: Cons
Need to Be at Ease with Being a Host or a Landlord
Having an Lakewood income property is like passively investing and operating a small company. First and foremost, you need to market the property to draw tenants as well as get bookings. Dealing with a document is also part of the process. You’ll need to approve rental applications, make and sign a lease agreement and ensure to document the whole thing.
Need to Look for the Best Tenant
Residing in a duplex enables you to have your personal living room while you lease the other unit. However, you still need to put up with the next-door neighbors who happen to be the tenants. You’re lucky if you are able to stumble upon a person who is a good neighbor and tenant at the same time.
You’ll Need to Deal with Building Maintenance
Prior to listing your duplex for rent, first, you must make sure that the unit is attractive and clean for potential tenants. And although you already have somebody renting the area, you want to maintain the repairs of the living area so they will keep on renting from you.
Rental Income Isn’t Guaranteed
Built and they will come expression doesn’t mean automatically applicable to duplexes. Not all wish to be a tenant. If they are able to pay for a duplex for sale in Lakewood, most likely, they will do that. Always keep in mind that not all neighborhoods are great and friendly for business travelers and tourists, either.
Prior to buying a duplex, first, you have to analyze the housing market in Lakewood to ensure that the home or duplex you like to purchase has the profit potential you’re looking for. Also, you need to market your home well, invest in high quality pictures, list the home on many platforms when possible, and keep the response rate high.
How to Look for Duplex for Sale
There are easy and simple steps to looking for a duplex for sale in Lakewood. First and foremost, you need to look for a neighbor who is optimal for the rental technique. Then, you should search for a duplex in which area.
How To Look for the right Neighborhood
Location is key to valuable real estate. It remains true even today. As you can remodel a property or demolish and then rebuild it, you are not able to change its location, which you own.
So, the neighborhood is the vital driving force behind the value of the home. Therefore, you have to consider the appearance, accessibility as well as amenities.
- Is the duplex near offices or landmarks, which makes it a preferred location for workers and business travelers?
- Does your neighborhood look attractive and well-kept to the target market?
- What amenities do the places offer? Are these amenities well-maintained?
How to Look for a Reliable and High Quality Duplex
Even if Lakewood has lots of duplexes that were erected in the 1920s and 30s, some of them have been purchased by other investors. Still, you will find them for sale; however, it’s rare to look for a sale at this point.