The vacancy rate in Chittenden County has dropped from 4.4% in December to 2.7% in May, according to Allen & Brooks’ latest market report. With a rate this low, it is an investor’s market! Very low vacancy rates may cause rental prices to dramatically increase with demand.
If you are looking to start building equity, owning a duplex offers the perfect blend of both personal and business investment. The clear advantage over single family home ownership is the income revenue stream that a duplex generates. Here are Mike Conroy’s 4 essential reasons to consider purchasing a duplex:
1. Own a home AND have some cash flow!
A duplex allows you to occupy one side and gives you the ability to create a cash flow source. Investment and utility all in one.
2. Home equity FASTER!
Use your rental income to leverage your mortgage payments. Use the rental income as an extra monthly payment on the mortgage and effectively half your mortgage term. You’ll reduce the interest paid and accelerate your home equity- which can be borrowed against if needed.
3. A unique living situations for caregivers
If you need to take care of someone in your family who needs close supervision, but both parties prefer a bit of privacy, the space a duplex is a simple solution.
4. Future rental options.
After owner occupying your unit for some time you can build equity and when you’re ready to move to your next property, you’ll have a rental property. By that time, you’ll completely understand running a property and have perspective as both the landlord and tenant.
Contact Mike Conroy with any questions about buying and selling real estate at 802-363-3356 or firstname.lastname@example.org.
Conroy & Company is a Keller Williams Vermont team of Realtors located in South Burlington, Vermont. Our mission is to serve our clients with the highest level of personal commitment to helping them reach their goals. Our focus is to bring the latest technology and marketing skills to our clients, and do so in the most personal, hands on way possible. Our collaborative, strength in numbers approach to exceeding your expectations, has helped keep us in the top 2% of Vermont agents/teams ever since 2003.