What You Need to Know Before Buying a Duplex
If you’re looking to buy a new home, you’ll notice that you have a variety of options when it comes to the types of homes available. Most people think of the traditional single-family house when they think of buying property. There are also condos, townhouses, duplex, and other choices. Not everyone knows exactly what a duplex is and how it’s different from a single-family home. There are advantages and disadvantages to buying a duplex for sale. As always, it’s important to weigh your options to decide whether a duplex is right for you.
What Is a Duplex?
The first question many people have is about what, exactly, a duplex is. Many duplexes look like traditional single-family homes from the outside, but they’re actually split up into separate units. Some homes have three or four units, in which case they’d be considered triplexes and fourplexes (or quadplexes).
Each apartment has its own separate entrance. The duplex itself is either owned by one of the tenants or an outside company or individual.
Why Buy a Duplex?
One of the biggest advantages to buying a duplex for sale is the rental potential. If you buy the building and live in one of the apartments, you usually have the option to rent the other one out to earn extra money. Sometimes there’s already a tenant living there and paying rent, so you don’t need to do anything!
If you choose not to rent out the other half of the home, it also makes a great guest home. Whether you have elderly parents you need to care for, adult children who need a place to stay, or friends who visit often and like having their own space, it’s convenient to have a separate living space nearby.
Disadvantages of a Duplex
There are a few downsides to owning a duplex, however, including price and space. Because duplex buildings are about the same size as a traditional house, they’re typically about the same price.
However, since it’s divided in half, there’s less livable space for each tenant. So you may be paying for 2,000 square feet of space, but each apartment only has 1,000 square feet.
Also, if you choose to rent out the other apartment, you’ll need to learn how to be a landlord. There are various legal procedures you’ll have to follow regarding contracts, leases, and insurance.
Buy a Duplex
If buying a duplex for sale is right for you, it’s time to talk to your local real estate agent. They can help you browse duplex listings to find one that best fits your unique needs. It won’t be long before they’re helping you buy your dream home. Call us today!
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