I will never forget the time when I finally had enough money to buy my first house. I was so excited I felt just like a kid in a candy store. So there I was: a kid in a candy store, an active real estate agent, a ready and eager buyer, a first time home buyer in Vermont. Then reality hit. I got the full picture of what it was going to cost. I had to go to Plan B. But what was Plan B?
Plan B was to consider other options. My options were to buy a duplex or get a roommate. If I wanted a house or a condo I needed to have a roommate to share the expenses with me. However if I went the duplex route then I would have a tenant helping pay for my mortgage and expenses as well.
What did I do? Both! I bought a duplex with a friend who was my roommate and we rented out the downstairs half of the duplex. We lived dirt cheap for two or three years and were able to get ahead financially. Eventually we both moved out and bought other places, but we continued to rent out both halves of the duplex. After six years we decided it was time to sell. In the long run it was a very good first investment for both of us.
The rental market in Jericho, Underhill, and Richmond is tight, which means if you own a rental property you are pretty much guaranteed a good return on your investment. I know firsthand that a property with a renting opportunity is a very good option for a first-time homeowner.
I have a new listing in Cambridge that offers that exact scenario. The main house is a typical Cape Cod with a large open living room, dining room, kitchen area. The upstairs has three bedrooms.
The basement is a walkout apartment with almost 700 square feet of living space in an open floor plan, with a large bath, a large bedroom, and a separate entrance and private parking.
So if you are getting a little concerned that finding a nice place that you can afford and want to live in may be out of your reach, give this new listing of mine some thought. For a complete description of the house and apartment click here. If you’d like to see it in person, email me or give me a call at 802-858-9193.
Thanks for reading and good luck in your search!