Buying a duplex and renting out one of the duplexes may help some buyers enter the market. Each area will differ with the rental return and will be based on demand. Access to schools, transport and shops plus employment will make a difference to the rental return of the property.
Affordability for buyers can be an issue as property prices have gradually increased.
Some new developments may have a cheaper entry price, but you may also find access to public transport difficult for new areas.
Considering an older duplex but require extra funds to renovate the property? As you may already know, passing on the water bill to the tenants may require the owner to install water saving devices. Check to see if there is a separate water meter as well if you intend to rent out any portion of the property. You may also wish to update your knowledge about becoming a property owner in your individual state.
Body Corporate Fees may apply to the duplex you intend to buy, so this is a consideration for your expenses. Body Corporate Fees are an additional cost to the home loan.
If you would like to know more about how buying a duplex and renting out the portion will improve your chances to buy your property, please reach out to discuss 0403 211 361 or email hello@georgefinancialservices.com.au
