{"id":67,"date":"2006-02-17T00:31:34","date_gmt":"2006-02-17T06:31:34","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/2006\/02\/plex-living-have-you-considered-it\/"},"modified":"2019-03-12T03:07:10","modified_gmt":"2019-03-12T03:07:10","slug":"plex-living-have-you-considered-it","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/plex-living-have-you-considered-it\/","title":{"rendered":"Plex living: Have you considered it?"},"content":{"rendered":"<p><strong>\u00cele des Soeurs, August 16, 2005 \u2013 <\/strong>Duplex, triplex, fourplex, fiveplex\u2026 Other than a single-family home or condo, you can choose to buy a plex. A revenue property containing two to five units offers important savings and is often the choice of first-time buyers. In May 2005, the average price of a plex was $270,000 in Greater Montreal.<\/p>\n<p>A duplex is the type of plex that is the closest to a single-family home. It includes two dwellings, one on top of each other. It is a good option for first-time real estate investors. Re-mortgaging it can give you the means to put a down payment on a second one. You can also sell it to finance the down payment on a single-family home.<\/p>\n<p><strong>Significant savings<\/strong><br \/>\nBuying a plex brings significant savings. On one hand, renting units generates a<br \/>\nsecondary income, which makes the mortgage payments easier. On the other hand, part of the interest costs are tax deductible, since part of your mortgage loan was used to acquire an investment income. You can also deduct the expenses incurred to maintain your tenants\u2019 apartments.<\/p>\n<p>Furthermore, when you manage a plex, you should know how to calculate the cost of maintaining the building, avoiding unnecessary expenses, setting priorities with respect to renovations and improvements, and also plan for regular and emergency repairs.<\/p>\n<p>Some accounting skills are also essential. Finally, it is important to maintain good<br \/>\nrelationships with your tenants. With the help of the S.I.A.\u00ae\/MLS\u00ae system, an agent or a broker who is a member of the Greater Montr\u00e9al Real Estate Board can find the best plex for you. This information comes from the magazine Real Estate \u2013 Tips on Buying &amp; Selling, which is offered free of charge by the agents and brokers of the Greater Montr\u00e9al Real Estate Board.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00cele des Soeurs, August 16, 2005 \u2013 Duplex, triplex, fourplex, fiveplex\u2026 Other than a single-family home or condo, you can choose to buy a plex. A revenue property containing two to five units offers important savings and is often the choice of first-time buyers. In May 2005, the average price of a plex was $270,000 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[],"class_list":["post-67","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-selling","category-real-estate-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Plex living: Have you considered it? - Montreal Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.montreal-realestate.ca\/english\/plex-living-have-you-considered-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Plex living: Have you considered it? - Montreal Real Estate\" \/>\n<meta property=\"og:description\" content=\"\u00cele des Soeurs, August 16, 2005 \u2013 Duplex, triplex, fourplex, fiveplex\u2026 Other than a single-family home or condo, you can choose to buy a plex. 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