A duplex is a great way to invest in real estate while also providing yourself with a place to live. But before you buy a duplex, you need to ask yourself some important questions. Here are some of the most important ones.
68 Questions you can ask when buying a duplex:
- What is your budget?
- What are your long-term goals for the property?
- What are your must-haves in a property?
- What is the condition of the property?
- What are the current rental rates in the area?
- How much work will need to be done on the property before it is rent-ready?
- Are you prepared to be a landlord?
- What do you know about fair housing laws?
- How will you screen tenants?
- Are you prepared to handle maintenance and repair requests?
- Do you have an emergency fund set aside for unexpected repairs?
- Have you spoken with an insurance agent about landlord insurance?
- Have you consulted with a tax professional about the implications of owning rental property?
- Have you factored in the cost of professional property management into your budget?
- Are you prepared to deal with disgruntled tenants?
- What is the neighborhood like?
- How much does the property cost?
- How much rent can I charge?
- How much would it cost to make the necessary repairs?
- Is the property in a flood zone?
- Are there any environmental hazards on the property?
- What is the crime rate in the area?
- What is the average vacancy rate for rentals in the area?
- What is included in the sale (e.g., appliances, furniture, etc.)?
- What restrictions come with owning a duplex (e.g., zoning regulations)?
- How long has the property been on the market?
- Why is the owner selling?
- Are there any current or upcoming construction projects in the area that could affect my property value?
- Do I need to get pre-approved for a loan before making an offer?
- Does the area need rental units?
- What is the average rent for a similar unit in the area?
- How much would it cost to renovate the unit to make it rent-ready?
- Are there any zoning laws that limit how you can use the property?
- What is the age of the building?
- Have any major systems been updated recently?
- How much money will be required for regular maintenance and repairs?
- What are the terms of the loan being offered by the seller?
- How much would my monthly mortgage payment be?
- Can I afford to make the necessary repairs and updates immediately?
- Do I have enough saved for a down payment and closing costs?
- Have I been pre-approved for a mortgage loan?
- What is the total square footage of the duplex?
- How many bedrooms and bathrooms are in each unit?
- What is the age of the duplex?
- What is the condition of the duplex?
- Is the duplex located in a good neighborhood?
- What is the rental income of the duplex?
- Are the tenants responsible for their own utilities?
- How much are the property taxes for the duplex?
- Does the duplex have a garage or off-street parking?
- Does the duplex have any outstanding code violations?
- When was the last time the units were renovated?
- Are the units currently occupied?
- If so, how long have the tenants been living there?
- When is the lease up for renewal?
- Have there been any complaints from neighbors about noise or other nuisances?
- Is there anything else I should know about the duplex before making an offer?
- What is the most recent sale price of the property?
- What is the lot size of the property?
- What are the monthly HOA dues?
- What is the monthly mortgage payment?
- Are there any special assessment fees for improvements or repairs to the property?
- How long is the lease term?
- How much notice must be given before terminating the lease agreement?
- Are there any restrictions on who can rent from you, such as no pets, no smokers, etc.?
- Can you provide a list of references from past tenants?
- Have you ever been sued by a tenant? If so, why and what was the outcome?
- Do you have insurance that would cover damages caused by a tenant, such as water damage or fire damage?
Frequently Asked Questions
What are the features of a duplex house?
A duplex is a type of housing that consists of two separate units, each of which is a complete house. Duplexes can be found in both urban and rural areas and may be occupied by one or more families. Duplexes often have a shared wall, which can reduce heating and cooling costs, and they usually have smaller yards than single-family homes. They are also often used as rental properties because they can generate income from two different sources.
What are the benefits of owning a duplex?
Owning a duplex has many advantages. First of all, it can give you extra income. If you live in one unit and rent out the other, you can make a profit off of your investment. Also, a duplex is a great way to get into real estate investing. It’s usually cheaper than buying a single-family home, so it’s a good option for anyone just starting out. Finally, a duplex can also be a great way to help out a family member. If you have a relative who’s having trouble finding a place to live, you can let them live in one of your units rent-free.
Conclusion
Now that you know what to look for when buying a duplex, it’s time to start looking! Keep these questions in mind as you look at properties – they’ll help you narrow down your options so you can find the perfect duplex for your needs.
