A duplex is a type of residential building with two dwellings, sometimes located on the same lot. A duplex home is typically used to accommodate two families in one building, but it can also be used as a means to split up into separate living spaces. In some cases, one half of the home may be rented out while the owner lives in the other half.
What is a Duplex Apartment?
A duplex is a two-unit property that has its own entrance, kitchen and bathroom (and possibly laundry facilities). The owner lives in one unit while renting out the other.
A duplex is often referred to as an apartment building because it has multiple units. However, unlike traditional apartment buildings where each tenant shares a common hallway and/or stairwell with their neighbors, each duplex unit has its own front door and passageway leading directly outside of the building — this means you don’t have to walk through anyone else’s home just to get into yours!
How to Find Duplex Apartments for Sale
The best way to find a duplex is through the local real estate listings. If you’re looking for duplexes for sale in your area, start by checking out the local MLS (multiple listing service). The MLS is a database of all properties that are on the market and available for purchase in your area. This includes single family homes and condos as well as townhomes and other types of property too.
Next up? Ask friends, family members, co-workers if they know of any duplexes for sale in their neighborhood. You never know who might have heard something!
If these methods don’t pan out, consider searching online using popular websites such as Zillow or Trulia–these sites have comprehensive lists of available properties throughout the country which include information about each listing including photos from inside so you can get an idea about what it looks like on the inside before visiting in person!
Advantages and Disadvantages of Living in a Duplex
The biggest advantage of living in a duplex is that it can be a great solution for families. Many duplexes have two parking spaces and private outdoor areas, making them ideal for raising children.
If you want to live in one unit and rent out the other, this is also possible with a duplex. This can provide additional income for those who are looking for an alternative source of cash flow.
Pros and Cons of Investing in a duplex property
- More rent per square foot. This is because you’re getting twice the space with a duplex, which means that you can charge more than someone who only owns a single-family home.
- Lower rental turnover. When tenants move out of one unit, they typically stay in the other unit so they don’t have to pay another security deposit and first month’s rent if they decide to move again within six months or so of their initial lease agreement ending (this is called “backfilling”).
- Lower yard maintenance costs–a common complaint among homeowners who live near apartment complexes is that those renters don’t take care of their lawns properly, leading them to look messy and unkempt over time!
- Some lenders require you to live in one of the units for a period of time in order to qualify for lower interest rates.
- Duplexes may not be located in an area you want to invest in.
- Finding deals that can cash flow is challenging because these types of apartments are in high demand from investors.
There’s money to be made from investing in a duplex property
Investing in a duplex property is a great way to get started in real estate investing. A duplex can be purchased for less than the cost of a single-family home, and the maintenance is minimal compared to a single-family home or apartment building.
In addition, you’ll have two units instead of just one, which means you could potentially make more money off your investment than if you had only invested in one unit (and then rented it out). Plus, there are tax advantages as well: When it comes time to sell your duplexes, they’re treated as capital assets rather than personal property–so if there’s any profit left over after selling both units together (which would happen if they were bought at different times), those profits will be taxed at long-term capital gains rates instead of ordinary income tax rates!
If you’re looking for a new investment opportunity, consider buying a duplex apartment. It can be a great way to earn some extra money and help others at the same time. You can find these properties on websites like Craigslist or Zillow by searching for “duplex” or “2-unit” homes in your area. Once you find one that looks promising (and passes inspection), make sure that both sides are vacant before making an offer!