Although buying a home can be a risky, daunting endeavor, now may be the best time in decades to get out there and shop around. The mortgage scandals coupled with the record number of foreclosures means that millions of homes are being offered at bargain prices. Many new homebuyers have found the deals of a lifetime. But what type of home should you buy? Markets have changed a lot over the past few decades and there are a number of options to choose from.
The three most popular kinds of homes in the United States are single-family homes, two family homes and condominiums. It should come as no surprise that single-family homes are by far the most popular type of home, and the reason for this is simple—they are the perfect home for young families. Two family homes, on the other hand, are great for landlords and people who wish to share the responsibility of maintaining a property. Lastly, condominiums are increasing the home of choice for young professionals and the elderly who don’t have the time or unable to do yard work.
Since the other home choices are far more popular and have been discussed in great detail elsewhere, today we are going to take a closer look at 2 family homes. What exactly is a 2 family home? A two family home is quite simply an ordinary home that has two units or apartments. The apartments may be either located right next to each other on the same floor, or one unit may sit atop the other on the second floor—this is known as a duplex.
There are many good reasons to purchase a 2 family home. For starters, you get most of the benefits of homeownership with fewer responsibilities. Since the tax laws favor homeowners, your mortgage interest payments and your property taxes are tax deductible. Owning a 2 family home also gives you a number of viable options. If, for example, you are want to become a landlord you can rent out both units and receive a steady stream of income each and every month. You may also choose to occupy one of the apartments yourself and rent the other one out. With the payments you will receive from your one tenant, you can pay your mortgage, which essentially allows you to live there rent free.
The most important thing you must decide is whether or not your can afford a 2 family home at this current time. It is always a good idea to check your credit score and perhaps even inquire with the bank to see if you qualify for a home loan. Next you will want to check the home listings in your area or in the area you wish to shop for homes. If you do decide to buy a foreclosed property, make sure you are well-acquainted with the laws in your state. You may also choose to contact a realtor and have him show you a few properties. Be sure to take your time. There is no pressure to buy and there are plenty of attractive, affordable properties on the market today
Select a state in the list below for foreclosure listings of bank foreclosures for sale.