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How far should one look ahead when purchasing a home? Buying a duplex for a family of four does not make sense. However, it will work out better if the owner intends to stay in the same property for the next two or three decades. In such a scenario, having a duplex will help apportion space between family members without any complications.
The extra space may seem superfluous at first. Kids may not have any problems living in the same room when young. However, they will desire privacy after they grow up. In such a scenario, having less space can create many domestic problems.
However, very few can plan 2-3 decades ahead. Thinking of spending the next 30 years in a single home is nice but implementing it in real life can be very difficult. In today’s a globally competitive world, one cannot afford to be too particular about sticking to one place of residence. In the long run, it makes sense to have a flexible approach.
Both these options have their pros and cons. If you are not keen on buying a house ever again, it makes sense to push yourself hard and buy a spacious property. However, you must be prepared to pay more in the initial period. The purchase will be an investment that will yield returns after your kids grow up and you find you have enough space for even your grown up kids.
For those who cannot afford to let the space idle till then, letting it out for rent can help recover a certain percentage of the investment made quickly.
