If the idea of purchasing a property in Orlando area appeals to you, but you don’t want a large, initial outlay of cash, buying a duplex may be your best choice.
A duplex is a house or a townhome with separate entrances, usually for two, different residents or families. Duplexes in the Orlando area are a good investment for several reasons:
First, if you decide to live in one side of the duplex, you can rent out the other side to tenants or to vacationing travelers. This arrangement will provide you with extra income to either pay off your mortgage faster by making double payments, or cut down by half the amount you owe on your mortgage each month. For instance, if you purchase a duplex and your mortgage payment is $1,800 per month, you could rent out the other side for $900 per month.
Second, many duplexes in the Orlando area are located in more affordable neighborhoods, but still very convenient to retail shops, schools, tourist attractions and medical centers. Owning a duplex in a more affordable area of Orlando may appeal to you for obvious financial reasons; however, it’s also a great way to double your rental income if you choose to rent out both sides, or to open your duplex to vacationing tourists.
Third, if you have an elderly family member who needs looking in on occasionally, but who is still fairly independent, a duplex may be right for you. Your loved one, who could rent one side of the duplex from you, is just a knock on the door away which can provide both of you much-needed peace of mind.
Fourth, if you decide to turn your duplex into a source of rental income, you can write off many of the expenses related to owning and managing your property. These expenses may include interest on your mortgage, depreciation, repairs, travel expenses, and the cost of insurance. There may be other financial incentives as well such as the ability to write off expenses related to a home office, legal consultations and accounting services.
The professionals at Uno Realty Group can help you locate the right duplex for you in a desirable and more affordable neighborhood. Duplex prices in the Orlando area usually start in the $190,000 range and up. Many properties feature beautifully landscaped yards, easy access to retail shops, restaurants, and attractions, and some have been recently renovated to increase their charm and appeal to buyers of all kinds. Many are conveniently located near lakes and recreational areas.
As international real estate experts, the team at Uno Realty Group works almost exclusively with clients from South America, the majority of whom are Brazilians, and they completely understand your needs for safety and security as well as your desire for the highest level of client service.
If you think a duplex is right for you, contact Uno Realty Group today.