Is buying a duplex a good idea for your my first property?
Brisbane Region is located in the state of Queensland.
Ideally, I'd also like to get on the property ladder to eventually turn it into an investment.
I had an idea to kill two birds with one stone though - I could save up to buy a duplex, that way I can live in one side and rent out the other side.
Is this a good or realistic way to go about buying property in Brisbane?
It will be a while before I am able to save up enough to buy anything, so hopefully, the market changes.
1 Answer
Buying a duplex is a wise decision. However, I would encourage you to carefully plan out the sort of duplex that you want, and research heavily the suburbs you want to into, both in terms of what duplexes are available and what amenities are nearby. This will greatly affect the type of tenant you get.
This is especially true for you as you intend to live next to your tenant. You want a tenant that you are relatively compatible with.
Also, for duplexes, bigger is generally better. If you can save up to afford a larger duplex that is for the best. Smaller duplexes suffer from lower valuation and the sale can be somewhat constrained.
It is important to note that not every duplex is identical on each side. Your ideal duplex should be a configuration of 5-6 bedrooms, 204 bathrooms and a double garage. To get the best rental returns, we recommend living in the smaller side of the duplex and leasing out the larger side to tenants.
For more advice for first homebuyers and buying a duplex, we these sources on our website:
https://affinityproperty.net.au/tips-for-buying-duplex/
https://affinityproperty.net.au/buy/first-home-buyers/
We hope you find these helpful.
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