More importantly, what do it’s crucial that you know before buying a duplex house?
Duplex homes offer interesting potential for those looking topurchase a homeor investment property.
But what exactly qualifies as a duplex house, and is owning one as straightforward as owning asingle-family residence?
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Two experts weigh in.
“Each unit has its own entrance but may share other amenities such as yards and garages.”
Sometimes, a duplex is made up of two independent properties, particularly in urban or suburban areas.
In these cases, each owner owns part of the duplex, not the whole thing.
What Are the Different Configurations of Duplexes?
Some duplexes are configured so that the two separate living spaces are positioned side by side.
Others are stacked so that one unit is on the ground floor and one is above it.
This setup is usually called a “one up, one down.”
The same basic idea of a duplex also extends to larger structures as well.
A triplex puts three separate dwellings under the same room, and a quadplex has four of them.
Why Do People Choose Duplexes?
Many people are interested in duplexes because they can be a straightforward approach to amulti-generational family living situation.
In most cases, the property is comparable in price to that of a single-family home.
Whatever the case might be, duplexes are often a bargain.
Should You Purchase a Duplex?
“The rules on duplexes in most areas fall on the local municipality,” David says.
From there, you’ll want to go over a checklist, beginning with utilities, David says.
In some cases they’re shared, and in some cases they’re separated.
Parking is another major consideration.
Be sure that, if you’re renting the property out, tenants have access to their own parking.
In either case, it can affect the amount of rent you’re able to charge.
“The more privacy each tenant has, the better off everyone will be.”
On top of the close quarters, keep in mind that a duplex means twice the amount of upkeep.
“More money equals greater desirability.
When a duplex is two-story, the floor plans are generally the same.
A duplex is a good investment for creating income and equity.
It will do well for resale in the right circumstances, often better than similarly-priced townhomes and condominiums.
No, a duplex has one owner who is responsible for maintaining the entire property.
