Things you should know before renting a duplex
Duplex layouts are ideal for families. These can be two bedroom or three bedroom with a shared wall and backyard separated by a partition. However, compared to other types of residential accommodation, there are a number of things that you should check out before renting a duplex.
Here is a list to get you started.
Location matters: Taking up an apartment in the city versus looking for a duplex to rent out and if possible also sublet or the extra income are two different things, especially when it comes to location. Consider the commute from your newly acquired duplex to work or school. Also, duplexes are generally part of a community system where there are a number of rules and regulations to be followed and be a part of the said community. This might not give you the leeway to maybe sublet your apartment unless you get an approval from the other members.
Some communities may be not part of your budget, for example beach house duplex living spaces are prime property and this will of course affect the price exclusively. The ones which do fall in your budget may not be very appealing or may not be suited for your purpose. You have to try and find something which gives you the best of both worlds, in terms of a good deal and good living space.
Renting out the extra unit: You have taken a duplex unit, and most probably will be occupying only one of the units and plan to let out the other. Again, a number of factors have to be taken into account before this can be done. For one thing, you have to check with the community and ensure that letting out the extra unit will not be an issue. Of course, the added income will be a huge advantage, which helps manage cash flow.
From a homeowner’s perspective, the plus points are the extra income from the rental unit can help with a lot of other things. Duplex are affordable, compared to other residential units. There are a number of factors which affect the price, like the community the duplex is part of, area and prime location. But the biggest advantage of renting out a duplex is that the extra unit can be given to a family member who might need constant medical attention and care to recover, which is easy to manage when you are living next door.