There are a number of options when it comes to renting a place, ranging from single bedroom apartments, to duplex, to condos, to townhouses and more. but with so many options available at attractive prices, it just might become a bit difficult to choose from.
Here are a few reasons why a duplex should be preferred over renting other residential properties.
Work from home: Duplex homes are designed in such a way that you can easily create a separate office space for yourself. Apart from spacious living spaces and communal spaces, duplex offer the flexible option to people who work from their homes or have a job that requires them to commute only a couple of times to office in any given week. The layout of a duplex helps balance both your work life and home life, keeping them separate at all times.
Rent out the extra space: If you just happen to own a duplex, you can let out he additional portion of the house for travelers and tourists searching for vacation homes. Vacation rentals are generally for a shorter duration and the occupants keep on changing, but you are free to charge good rates and people will generally prefer a full apartment to rent instead of jus renting out a single room.
Shared backyard or garden: Nowadays it is impossible to find a decent space in the city which also happens to have a decent backyard or small garden. But duplex are designed by default to have a garden space which is of course shared with your neighbor next door. This is any day better than having no garden at all, for a number of reasons.
The occasional breath of fresh air, and a nice little garden for you kids to play will be a good change form the over polluted and crowded parks and so called recreation facilities in the city. No matter how well they are maintained, public parks will always be over crowded on a nice warm sunny weekend where you kids have to wait for their turn to get on the slide. Build a small one in your backyard with a nice porch swing to go with where you can relax and have all the privacy you need, provided there is a wall which splits the shared backyard space.
Plenty of space: Compared to renting two bedroom apartments or even a nice condo in the city, duplex will always feature more space and all the power outlets you can install to make sure there is enough for the number of appliance and kitchen utilities you can install. The living space and communal areas will also be spaced out to maximize comfort and promote a cozy living.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.