There are many types of homes that people can buy. If you are moving house, you will find that you have a huge amount of properties to choose from. You can buy an apartment, a semi-detached house, a terraced house, a bungalow, or even a duplex. In fact, a duplex is a somewhat unfairly underrated type of property. There are many reasons why people should consider buying duplexes.

Duplexes are an ideal buy for those who are looking for their first home their first step onto the property ladder. Many people make the mistake of buying too much house when they first get on the market. They want to buy something the same size as the house they grew up in. People who choose to buy duplexes not only save on repayments (because, lets face it, smaller houses cost less money), they also get a whole host of other benefits.

As an owner/occupant you can qualify for a mortgage using the easier homeowner qualifications. This means that you can buy a house with as little as five or ten percent down. In fact, some companies even let you buy with no deposit! You can use these programs when you go to buy a duplex. If you used this method when buying a bigger house, your repayments could be enormous. Sit down and look through your finances, and work out whether this could be a smarter way to get into the property market.

You also have the added benefit of receiving rent money from your tenant. This money will be included as part of your regular income on your mortgage application form. That means you will have a good chance of being offered a bigger or better mortgage than before. Also, the rent you receive cannot only help you pay your mortgage; it can also be used towards other household costs, such as maintenance and general upkeep of the property. In fact, you can use the extra money you receive in rent for almost anything you like. Many people choose to invest or save this money, and make a profit off it at a later date.

There is also the benefit that when you come to move to a larger house, you can still keep your duplex. It will then become a pure investment for you. It will provide you with an extra income every month. You can rent out your property to family, friends, or you can even put an advert in the local paper looking for tenants.

Perhaps one of the littlest-known facts about owning duplexes is that they actually act as a kind of tax shelter. Even though you will be enjoying an income from the collected rents each month, you will show a paper loss when depreciation of the property is figured in to the equation. This loss will directly reduce your taxable income.

No matter what you choose to do, though, make sure that you look at all of the options available to you you might be surprised at what you can get.