If you're interested in living in a duplex, your first instinct might be to buy one side of it and hope that you like your neighbors. An alternative approach, however, is to investigate the idea of buying the entire house. Doing so presents a considerable financial investment, but if you're able to do it, you may appreciate it. Buying a duplex can especially be advantageous if you're a small business owner who works from home. In such a scenario, you and your family can live in one side of the duplex while you use the other side for your business. Here are three advantages of this idea.
It Separates Work From Family Life
Perhaps the biggest challenge of operating a home-based business is the lack of separation between your work life and your family life. The presence of your family around you can be distracting. When your children come home from school, for example, you'll often find yourself stopping work to ask them about their day.
Conversely, it can be a challenge sometimes to step away from work. When your home office is just a few steps away, working on a project can trump family time. When you buy a duplex and use one side for your home office, there's a distinct separation that you may find helpful.
It Presents An Earning Opportunity
Depending on the nature of your business, you may be able to turn the business side of your new duplex into an opportunity to earn — beyond the money that you yourself are earning, of course. For example, if you're a physical therapist or massage therapist, you might think about having a couple other practitioners working out of the space either when you aren't or even while you are there. You'll take a percentage of their earnings, which you can then put toward the mortgage.
You Can Always Rent It
If you ever reach a point that you're changing the nature of your business — perhaps by investing in an actual office away from your home because the business has become very successful — or you simply need some extra money for some expenses, you can empty out the business side of your duplex and rent it out.
Many people buy a home or duplexes to live in one side and rent the other, as doing so may pay a significant percentage of your mortgage. Having this opportunity always within reach can be a comfort for you.