If you’ve never bought a house before, doing so can feel like one of the biggest challenges of your life. First of all, you have to find a house that’s affordable and that you like. It’s a seller’s market right now in most of America (including Northern Virginia), so good luck with that one. Then there’s the fact that you need a down payment. Now, an FHA loan will only set you back 3.5 percent, but that’s not the easiest loan to get. Your credit needs to be in top shape and your overall financial picture needs to look pretty good. And you haven’t even scratched the surface of the mortgage process. Signing paper after paper, crossing your fingers that the appraisal is favorable, counting your pennies for closing costs… the list goes on and on. 

Still, owning your own home is part of the American Dream. And if you are a young would-be homeowner, know that you are in good company. Millennials - those between the ages of twenty-five and thirty-five - currently make up the largest bracket of home purchasers. Most buyers are looking for “starter homes,” houses with two or three bedrooms and maybe just a single bathroom… the perfect nest for a family just starting out. But, according to one real estate guru, the home purchase that makes the most sense (and cents) for first-time homebuyers is one that will help you pay the mortgage.

Yes, that means a duplex, or a house with a detached garage apartment, or any other living arrangement that permits you to live in one side/portion of the house and rent out the other for extra income. Sidney Torres, real estate mogul and host of CNBC's "The Deed," advocates this option for those homeowners just starting out. Where he’s from, in New Orleans, this kind of home is called a “shotgun double.” You live in one side and rent out the other. In essence, it’s like having your mortgage paid for you every month.

It’s true that owning a duplex or other kind of “double” housing comes with extra responsibilities. You’ll have to mow the lawn, keep the yard looking presentable, and you’re on the hook for any structural repairs or broken appliances. You’ll also have to vet and live next to your prospective renters. It’s not a complete walk in the park. But if you’re looking to get your adult financial life off to a great start, Torres argues, this is the way to go. And when the day comes that you outgrow your half of the duplex or simply have the financial means to buy again, you buy your own place and rent out both sides of your old home. Now you have an investment property, which is a major ace in your pocket. 

Looking for a duplex in the Northern Virginia area? Contact a qualified Realtor today!