8 Reasons to Downsize to A Minneapolis Duplex

According to the state, the number of Minnesotans turning 65 this decade is greater than the last four decades combined.

In fact, the total number of adults over 65 is expected to double by 2030, meaning one in five Minnesotans will be over age 65.

In other words, 20 percent of the state’s population may be empty nesters looking to downsize into a smaller property or find a one-level living.

And as of right now, there just aren’t a lot of patio homes.

A terrific alternative for many people may be to owner occupy a duplex.

Here are six reasons a duplex may be a better option than a smaller home, townhouse, or condo:

1. One-level living. A duplex unit has all rooms on the same floor. While the laundry may be in the basement, there is often a place to add it to the units themselves.
2.  Smaller space than a typical house, but still has basement storage instead of a storage locker. – Many condominiums provide residences with a storage locker that isn’t much bigger than a closet. A duplex usually offers residents a full basement in which to store
3. Someone to watch the property when you travel. – If your idea of retirement is to lock the door and leave Minnesota for the winter, a duplex not only allows you to do that, but if you have the right tenant, offers someone to look after it while you’re gone as well.
4. Lower monthly cost. – The rent the tenant-occupied unit generates helps reduce your own housing costs significantly, which in turn, helps preserve your nest egg.
5. Save on taxes. – The IRS views the unit you don’t live in as a business. As a result, you are allowed to depreciate it, which saves you money on your taxes.
6. Rents increase with inflation. Rent rises with the cost of living, meaning it can continue to offset increases in property taxes, utilities, or simply living.
7. Cash flow helps offset your costs if you need to move someplace where you can get more help. Should the time come when you need to move someplace that can provide care, you or your family can lease your unit. The cash flow from the property having both units rented can help defray the costs of assisted living.
8. Allows family to live next door, yet maintain your privacy. If you have a family member who is willing to assist you, a duplex allows them to live in the other unit, while being right there to help.

If you’re ready to make a change but haven’t considered a duplex as an option, give me a call. I’d help you decide if they are a solution that could work for you.