Congratulations, you’re buying your first home! Now the real work begins. As a Skagit Valley native, I have grown up with the beauty and serenity found here in the Pacific Northwest. As an agent, I’m often surprised new home buyers don’t often consider a duplex for their first purchase. The benefits of purchasing a duplex are worth including this type of property in your search for real estate; Skagit County is a great place to shop and here are three reasons why!
Immediate Income is Imminent With Skagit County Real Estate
Rental properties have long been a boon for property owners who know how to make the most out of their investments. Purchasing a duplex makes you homeowner, tenant and landlord, all at the same time. Renting out the extra space has the potential to cover most – maybe all – of your new mortgage. The ability to double dip into building equity without handing over a huge chunk of change every month for a mortgage payment allows you the extra resources to upgrade or remodel, further increasing the value of what is most likely the most important investment in your life. A lucrative way to earn extra income, real estate in Skagit County (especially duplexes) is plentiful, so why not get the most out of your first property purchase from the beginning?
Start Your Skagit County Real Estate Empire With a Single Property!
Well, maybe not quite an empire, but you get the point. Smart investment in real estate compounds on itself, creating more income with more properties (eventually). Purchasing a duplex as a first home can accelerate your track to a second home. Because you are making income and can put resources into upgrades, all the while building equity, you can get to a second house sooner. As an added bonus the duplex will immediately double its rental value because now you can let the extra space. Your first home doesn’t need to be your “dream home” if the road to your second home is a six-lane freeway. On the practical side, duplex living offers an easy transition into a new home – no need to rush into a decision or hotel room when you already have living space for as long as you need it.
Increase Potential Skagit County Real Estate Resale Value
With all the extra tender loving care you’re able to put into your duplex, you can usually resell for a profit. Real estate is often a good investment because property generally appreciates in value over time. By simply paying the mortgage you’re already making money (hopefully!). Don’t just sit on your hands, though, upkeep and maintenance also go a long way in terms of resale value. Most home buyers aren’t looking for a major fixer-upper. Easy and relatively inexpensive upgrades throughout the course of your ownership are other quick ways to boost the appeal to potential purchasers. Of course, as with selling anything, marketing and advertising dramatically increase your chances of getting an offer at or more than your asking price (this is where I come in).
There are plenty of things to consider when contemplating your first home purchase: size, location and design among them, but in addition to being a haven for your family, a house is an investment. Purchasing real estate (Skagit County, in particular) can help you get the most from this major purchase. You can not only boost your income by providing rental space, but a duplex also holds and frequently increases its value over time. As you’re considering purchasing or selling property here in Skagit County and the surrounding area, give the Dominic Pettruzzelli Real Estate Team a call at 360-610-7256 and we’ll be happy to help you find or sell a duplex or other property.
 © Ian Poellet CC BY-SA 3.0, via Wikimedia Commons