Derek and Michelle plan to sell their homes and move into a duplex near their children and grandchildren as they approach grandparenthood. This decision is also motivated by the need to care for Derek's aging mother. A duplex can provide rental income, potentially covering their mortgage and maintenance costs. Living in one unit while renting the other can help the couple while preparing for retirement. However, they need to consider market factors that affect rental income and property appreciation before committing to this investment strategy.
A duplex is a residential property divided into two separate apartments in the same building, allowing homeowners to live in one unit and rent the other.
Owning a duplex offers potential rental income that can offset mortgage payments, making it an attractive option for first-time buyers or retirees.
One of the great advantages of owning a duplex is that you can live in one and rent out the other, significantly reducing your housing costs.
Consolidating into a duplex closer to family not only provides immediate support for Derek's mother, but establishes a long-term investment strategy as well.
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