The Calgary real estate market is becoming progressively more difficult to navigate with prices rising year over year. When looking for a new home, affordability and practicality are considerations at the forefront of everyone’s mind. Duplexes are becoming a more common housing option all over Calgary based on their convenience and affordability. Duplexes are a great home option for people at many different points in life. From first-time home buyers to empty nesters and everywhere in between; there is no shortage of reasons why a duplex may be the ideal fit for your lifestyle.
For first-time home buyers, purchasing a new home is an intimidating and challenging process. With a steady rise in home prices, the new home market can look quite daunting. If you are new to the housing market, you might be fearful that you will never be able to own your own home because it just isn’t affordable. Lucky for you, this isn’t always the case! You may just be looking in the wrong place. If you’re of the majority who are concerned about finding their first home, buying a duplex could be the perfect answer.
If you’re a first time home buyer, money is likely at the forefront of your purchasing decision. You are looking for a home that suits your lifestyle needs, but one that you can comfortably afford. The last thing you want as a first-time buyer is to become house poor. Duplexes are one of the more affordable housing options on the market today! If you’re a first time home buyer, you are likely buying one half-duplex, or one side of the full two-unit duplex. Because this is a smaller living space, you don’t pay for the full square footage of a duplex. This saves a first-time buyer a lot of money compared to buying a full-sized home, but still gives them more square feet of living space, than something like a condo, and often plenty of room to live and grow!
As you are buying a living space smaller than a full-sized home, you are able to save even more money on your monthly energy bills! Each side of a duplex has its own bill for heating and other utilities. As a duplex owner, you have the luxury of heating a smaller living space; and only one outside wall. Once you’ve moved into your new duplex, the savings continue to add up year after year.
The savings that can be realized by owning a duplex extend well beyond simply saving money on home size. Unlike condominiums, the other common starting point for homeowners, there are no condo fees associated with purchasing a duplex. You simply pay your mortgage and taxes as if it were a typical home. You are often able to get more living space with a duplex without having to worry about paying more like you do with a condo.
If you are a first time homebuyer, choosing to purchase a duplex is not only the smart choice based on your lifestyle needs, but it is also the smart choice financially. With savings to be realized in every aspect of your new home; you’ll have extra money to spend doing the activities you enjoy most!
The Perfect First Step
Owning a home and owning a smaller living space such as a condominium provide two very different ownership experiences. Owning a duplex is the perfect middle-ground between the two home types. Homeowners get a feel for what it is like to own their own home, but they don’t have the problem of being overwhelmed by space, which can happen in a full-sized home.
Like owning a home, duplexes come with mortgage payments, utility bills, and sometimes Home Owner’s Association (HOA) fees depending on the community. You also need to maintain the inside and outside of it as if it were a full-sized home. This is valuable real-life experience for a homeowner; however owning a duplex is a great way to ease into these requirements as they are often not as expensive or expansive.
A Starting Point with Lifelong Benefits
Owning a duplex as your first home has benefits that can extend far into the future. As you continue to grow in life, you may wish to move to a larger home that is more suitable to a larger family. If you own a duplex, moving to larger home doesn’t necessarily mean that you need to sell your duplex. In many cases, your duplex can transition from being your home, to becoming an investment property that can be beneficial for you for years to come!
Duplexes have become a very popular rental option for people looking to relocate to Calgary for work or school. Often, duplexes are appealing to renters for the same reason as owners; it is their own space, often at a lower cost than a full-sized home. As a duplex owner, renting to tenants gives you fantastic flexibility in life as you can profit from your old home, and even cover mortgage payments if you move out in advance of it begin paid off. By doing this, your first home can turn into an investment property that can benefit you far into the future.
Duplexes are rising in popularity in the city of Calgary, and that comes a no surprise based on the plethora of benefits this type of home provides owners and renters alike. From the cost of owning a new home to providing growth opportunities and future ownership benefits, duplexes have proven to be a very smart choice for a first time home buyer!
With 88 new duplex lots being released in Phase 54 in Redstone and new showhomes coming in spring 2018, there has never been a better time to consider purchasing a duplex! This exciting new release will include rear attached garage duplexes from NuVista Homes, Shane Homes and Broadview Homes as well as front attached garage duplexes from Pacesetter.