Duplex

[Anastasiia Greca]

Hey everyone!
I noticed strange thing on my market. I see some duplexes that people selling with a price by the unit! Not the whole duplex, but  instead they sell Unit 1 - 110k and Unit 2 - 130k etc.
Is it legal to sell duplex like that???

[Victor N.]

@Anastasiia Greca It's possible but might be very difficult because of all the hoops you will need to jump through.

Converting duplexes into condos is "easier" because the units are already separated, each with it's own apartment/unit entrance even if they share sometimes a main entrance. The hardest part is doing the legal paperwork to separate the units, setting up ( condo) fees for each unit ( usually based on square footage), the condo board, common area, parking, maintenance, etc... off course there are physical requirements too.

Converting a single family into a duplex is much more complex. It involves zoning rules which are the most important. Based on what the zoning requirements are in a particular area, you may not even be allowed to convert a single family into a duplex ( you can always try the zoning board of appeals to request a variance if your initial plans are rejected). And if you are lucky that the zoning is not too restrictive, you have to make sure the house can be split. A house with 2 separate large floors might work but the cost could be prohibitive! Think about redoing basically everything since you would need 2 kitchens, 2 baths, 2 living rooms, 2 separate entrances etc. Probably will not make financial sense in most cases.

Looking for a 2-4 units residential multifamily is probably the best way to go if you are a new investor. With experience, you will be able to tackle more complex transactions/constructions.