Buying a home is a big financial commitment. Between the mortgage, property taxes, insurance, utilities and maintenance, the monthly cost can feel overwhelming - especially for a first-time buyer . But there is another option worth considering: buying a duplex or a home with an approved secondary suite, living in one part of the property and renting the other. The rental income can help offset your monthly housing expenses while you own the property and build equity through mortgage principal repayment. You don't need to already be a real estate investor to consider this strategy. For some buyers, their first investment property can also be their first home. How Does It Work? The idea is simple. You purchase a property with two separate living areas. You live in one and rent the other. For example, you might purchase a new duplex where you live in the main portion and rent an approved secondary suite. Another option could be a resale property with two approved dwe...
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