When most people think about buying their first home, three options typically come to mind: single-family home, townhouse, or condo. But there’s a fourth option to consider: a duplex home. Owning a duplex in Canada has many advantages including lower cost and potential rental income.
Here’s 5 reasons why you should consider a Duplex for your next home:
1) THEY’RE UP TO DATE IN STYLE
It’s often thought that Duplex’s are out of date and an old fashioned concept. However, with new duplex’s currently being built, they are a modern and unique home to live in. Duplexes have proven to be very popular for homebuyers in Chilliwack, this was recently established by the success of Greenwood Trails in Promontory. Westbow’s newest community called Cascade aims to add even more value to this great product.
Cascade is located in the Eastern Hillsides of Chilliwack. The Cascade interior is inspired by its surrounding nature. Large patio doors allow for natural light to come through and illuminate the living area.
2) LOWER COST- MORE FEATURES AND SPACE PER DOLLAR
Another great thing about duplexes is the price. For roughly the same size as a starter single family home you’re paying much less, and getting way more bang for your buck. One thing that people tend to overestimate is the amount of space that they need. For the most part a duplex is the perfect size for many people and often a duplex has the same space, or more, than a single family home. Duplex’s also come with many features that you may not get in town homes such as basement suites and large outdoor yard spaces.
3) CODE REQUIREMENTS MEAN BETTER PRIVACY
The biggest stigma that people have against duplex is the misconception that they won’t have any privacy. Modern code requirements mean that party walls, the wall that connects the units of the duplex, are engineered in a way so that provides you minimal disruption from your neighbours.
4) OWNING BOTH UNITS IN A DUPLEX CAN OFFER POTENTIAL RENTAL INCOME
With multiple properties available many people are choosing to purchase both sides of a duplex and use one for themselves, renting out the other. This provides for an ongoing rental income that could be used to pay down your mortgage. In addition, as the landlord, you are right next to your rental property should an emergency arise.
5) BRING YOUR FAMILY TOGETHER
Chilliwack is a family centric town, with many families choosing to live together or within close proximity of each other. Investing in a duplex can allow generations of families to have their own space, yet live only a few steps away from each other.