You made it! It’s been four weeks since my first blog explaining (albeit briefly) why purchasing a duplex is the best choice when considering your first home in Skagit Valley. So far, I’ve addressed the topic by focusing on each of three individual reasons for this decision:
- You can use a duplex to earn extra money pretty damn quick
- A duplex is typically a sound investment
- There are some serious financial advantages when you choose to sell your duplex
For this, the last blog in my duplex series, we’re going to look at all three of these aspects as though they are easy-to-follow steps from beginning to end. While I’m wrapping this up, I’ll paint a picture of what I envision when I see you signing the papers on your first duplex.
One: You’re Moving In!
You’re moving in and preparing to make any upgrades or repairs that require your immediate attention. At this point, your extra income begins. A tenant has signed a lease, paid her deposit and has become your first renter. Her rent is your extra income each month. In a perfect world, you’re using that money wisely with an eye on your future.
Two: You’re Moving Out!
You’ve been living in your duplex for a while and hopefully renting out the extra space. Now it’s time to think about moving out – you may be upgrading, relocating or simply desiring a change – but should you sell your beloved duplex? If you need to cash in on the equity in order to purchase your next property you’ve got a pretty solid argument for selling. Alternately, you can rent out the space you’re vacating and double your rental income.
Three: You’re Moving On!
By now I’m hoping you’ve purchased another home and you’ve let your first property – the lucrative duplex – appreciate in value over the years. For a large number of possible reasons, you’re ready to sell. Guess what? The odds are in your favor you’ll be able to make your original investment back, in addition to a hefty chunk of additional equity.
It sounds pretty simple when it’s watered down and contained in a mere 500(ish) words, doesn’t it? This plan is certainly dynamic and subject to the whims and ways of life, but I believe keeping these three things in mind while you’re in the market to acquire your first home can help you establish a firm foundation as you enter the world of real estate.In fact, I’m so passionate about this agenda I’m willing to put the Dominic Pettruzzelli Real Estate Team behind it. I’ll even throw in the decades of collective experience we have in our belt. Wherever you are in the process, we’re here and ready to help, so give us a call at 360-610-6256 today.
In fact, I’m so passionate about this agenda I’m willing to put the Dominic Pettruzzelli Real Estate Team behind it. I’ll even throw in the decades of collective experience we have in our belt. Wherever you are in the process buying or selling a home in Skagit Valley, we’re here and ready to help, so give us a call at 360-610-6256 today.