Attention First Time Home Buyers

by Amanda Merrin  - February 27, 2024

Purchasing a duplex can be a smart financial decision, particularly for first-time homebuyers. By opting for a duplex rather than a single-family home, you not only become a homeowner but also a property investor. 

In this example we use 6 Duncan Ave currently listed by Leah Stirling 

Here’s why it makes sense: 

Increased Affordability: 

Let’s say your monthly budget for a mortgage payment is $1,800. When you buy a duplex, the ability to rent out one of the units can bring in additional income. This extra income can be factored into your mortgage application, granting you an extra $250,000 in buying power. Therefore, on a budget of $300,000, you suddenly have the means to purchase a property worth $550,000. 

Bigger Space: 

Within the same budget, owning a duplex can afford you a more spacious living area similar to the 3-bedroom home at 6 Duncan in Kentville, NS. You’d be getting more square footage for your dollar compared to what you’d typically afford. 

High Demand Area: 

Kentville, NS, is a community where housing demand may outstrip supply, making it challenging to find affordable single-family homes. A duplex gives you the edge by fitting within the desirable location without exceeding your budget. 

Investment Potential: 

As a duplex owner, you’re investing in a property that can generate continuous income. This rental income can cover a significant portion of your mortgage, reducing your financial burden and potentially speeding up your mortgage payoff. 

In summary:

Purchasing a duplex is not just about finding a place to live; it’s a strategic move that can result in long-term financial benefits, allowing you to live in your desired location, own a larger property, and strengthen your investment portfolio.