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Thread: Buying a duplex

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    Default Buying a duplex

    Any opinions about buying a duplex and living on one side?

    I'm currently looking for a condo bc space-wise, that is all I need. If all I want is a one-bedroom, I've been advised by many people that a one-bedroom duplex may be the smartest financial decision. However, I'm a bit worried about taking on so much debt versus a condo, liability for renters and responsibility for maintenance.

    Also, most of the duplexes within my budget, are not in the greatest areas.

    If not a duplex, I can squeeze myself into a modest condo in an excellent area but the hoa fees would be about 2k/yr. I can always rent out the condo if I decide to move later.

    Any advise?

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    Default Re: Buying a duplex

    Condos can be a crapshoot. If the condo gets in financial trouble the fees can go up.

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    Default Re: Buying a duplex

    I'd rather say to rent, first, and see how it is in a duplex, before you take the decision to buy. You must see what kind of neighbors you can get and pros and cons comparing with a condo. Sometimes, having one problematic neighbor is a big pain in the ass, considering you share the same house, that in time, must be repaired, fixed, etc (sorry, my english is bad). And there are some shared costs.
    So, take that into consideration as well.

    IMO, a standalone home is way better than anything else, you have 100% privacy. Unless you live in a better area and you can stay in a nice apartament building.

    As a conclusion, just test the waters ))

    For example, I preferred to buy a small apartament, but in a high end area. I can sell it at a good price if I want and I also feel protected, I have good quality neighbours and access to anything I need, within 10 minutes (mall, airport, medical center, grocery store).
    But now I am saving to build my own home.

    The duplex is out of the question for me, I've heard only horror stories (from neighbours that are arguing too loud, having too loud sex, partying, bringing loud friends, when there are common costs for fixing the house, they are avoiding to do it, etc). Ok, that happens in an apartament building as well, but it's different when it's just you vs when it's the entire floor against that person. Financially speaking, it's obvious why a duplex is cheaper ))
    I rather prefer to pay more and to not have headaches later. In an apartament building, is an entire administration system, while in a duplex is just you and your neighbor (that's how it is in here tho, idk how it is in US).

    But in the end, a standalone house is the best decision (it doesn't have to have 5 bedrooms, there are 1-2 bedroom homes too). Take that into consideration, if you are aiming for that (for later) and find the most convenient option for now (duplex or condo) untill you save for a house.

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    Default Re: Buying a duplex

    If it's a stretch then I'd advise against doing it, especially if you are in one of the blue states with strong tenant protections. The last thing you want is to be stuck with a huge mortgage nut and then have a tenant go sideways on you and not pay you rent for several months. In places like NY it can take several months to get a non-paying tenant out.

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    Default Re: Buying a duplex

    The good thing about a duplex rental is that you are there - No time wasters for showing, vs driving across town and having to wait, etc. Also tennants are less likely to pull crap on you, or if they do you'll spot it much sooner.
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