34 HOPETON Street, Cambridge, N1R3T3
34 HOPETON Street, Cambridge, Ontario N1R3T3
445 VINE Street, Cambridge, N3H2Y7
445 VINE Street, Cambridge, Ontario N3H2Y7
1790 BRANCHTON Road, Cambridge, N0B1L0
1790 BRANCHTON Road, Cambridge, Ontario N0B1L0
1790 BRANCHTON RD, Cambridge, N0B1L0
1790 Branchton Road, Cambridge, Ontario N0B1L0
831 LAUREL ST, Cambridge, N3H3Z6
831 Laurel Street, Cambridge, Ontario N3H3Z6
30-32 BEVERLY Street, Cambridge, N1R3Z5
30 BEVERLY Street, Cambridge, Ontario N1R3Z5
Duplexes for Sale in Cambridge
Have you considered investing in a duplex? The Cambridge area has a number of them and they are a perfect option for an investment property. You can rent out more than one residence so the potential monthly cash flow is even higher.
Of course, there are certain factors to consider with selling a duplex, so you might consider the future. The exact location, demand for such homes, pricing and the city all come into consideration.
What is a Duplex?
A duplex may be similar to a single-family home, except it actually contains two separate living spaces, labelled as two different units
They have often been used to house large or extended family types, but they are quickly becoming a good investment opportunity with a hefty profit. You could live in one yourself, and rent out the other or increase your rental profits by having tenants on both sides.
Styles and Types of Duplex Living
When it comes to the style of a duplex it is either side by side, where there is usually a wall that divides the two residents, or there is up and down.
Other types include:
Standard duplex house: This type is designed as a two-storey house, with one floor connected to the second floor by stairs. The layout is most often the lower floor being the living room and the kitchen area, while the upper floors include the bedrooms.
Ground duplex house: This type of duplex is built on the ground floors of apartments, where the lower floor might include bedrooms. The upper floor of the duplex apartment consists of the living room and kitchen.
Low-rise duplex: This duplex house design can include a balcony and is usually smaller than other types.
It is important to note that what a duplex means in one country, might be considered completely different in another.
Advantages
It’s fairly private: Most duplexes offer a private patio and garage and there is a separate entrance.
It’s affordable: With renting out half of the residence, it can help contribute to your overall cost of the duplex.
It has appealing additions a single-family home might have such as a yard and a garage.
Good for large families: Duplex living makes it much easier for a large family to live together and still have their own space and privacy.
The extra income: The potential for additional rental income is excellent. If you have your own residence, and this is an extra investment, you can rent out both sides.
Additional space: If you don’t need to make any supplementary income the additional space you have with a duplex could easily offer you an extra room to make your own, whether it be a workout room or a home office.
Disadvantages
Noise levels: Either side by side or next to each other, there is no mistaking that noisy neighbour. Whether it is loud music, the constant patter of tiny feet, or a generally loud adjoining neighbour, this could cause enough problems long-term.
Sharing certain spaces: You might have to share the driveway or the backyard with the other person living in the duplex.
Location: A duplex is often located in a suburb because of the size, so if you want to be living close to the city or downtown, it could mean more of a commute, or other location flubs holding you back.
Maintenance: If you chose to live or rent out a duplex, it is privately owned by you. That means a lot of maintenance, such as lawn or garden care, snow removal, or other upkeep.
Rental income not guaranteed: Renting out half of the duplex or the entire two sides can be a great way to supplement income, but it is not always guaranteed. If you have a tenant that doesn’t pay, it can be a hassle and you still have to come up with the mortgage payment.
Duplex living is not for everyone. Each individual who owns a property or rents has their own reasons to choose a duplex. It is up to you to cater to those individual needs.
Other Considerations
Financial and Cash Flow: The more units you have to rent out means more potential income. Keep in mind, the more units you have occupied, the more work, more responsibility, and more cost to buy the property.
You should be eligible for some tax deductions: Owners of duplexes are usually able to deduct all maintenance expenses, including cleaning and yard work.
Obtaining a mortgage for a duplex: It is often easier to qualify for a mortgage on a duplex. When you are buying a duplex for investment reasons the incoming capital received will pay off the mortgage and what is left over is profit. You might be living in the duplex or later decide to rent out both spaces. It’s relatively easy to get financing to purchase a duplex.
Timing is everything: It is always best to know when it is a good time to buy. Interest rates could be lower or there could be a new area that is a popular place people want to live. It is a good idea to jump on the chance to purchase when the timing is just right.
If you are buying for an investment, be ready and willing to make it a long-term decision.
Duplexes are often a popular choice for those swaying from the condo/apartment style living. As an investment, there are always going to be other factors that determine whether your property is going to be easily rented.
Conclusion
If you have any questions about the Cambridge area or any other real estate questions, the WRX team of realtors has outstanding knowledge to help you. Contact us today!