Duplex conversion to single family home!
Melissa Black
last year
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last yearMelissa Black
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Townhouse vs Single-Family, help!
Comments (7)While I would imagine that in most places the sfh will have more long run value, what needs to be noted is that all markets are different. An example is that last week I noticed that both a sfh and a duplex town home sold in our target area which had also both sold in 2006. I know the area very well (in fact sitting typing from our second home about 1/4 mile from the town home and about a mile from the sfh). Locations are both very good and on par with the other, maybe slight edge to sfh because while both are equidistant to the ski slope the sfh is on golf course . Exterior finishes equal, and while I'm not as familiar with interior finishes, I would suspect, just judging from exterior and locations, that interiors not that different, with maybe a slight edge to the town home because a little newer. The details: sfh 3324 sf, built in 1998 with kitchen and bath reno in 2002, sold for 1,276,000 in 2006, and sold for 950,000 last week. Townhome 3062 sf, sold new in 2006 for 849,000 and 949,000 last week. Obviously, there may be some circumstances I don't know, but both had been on the market a while and neither was bank owned or marketed as a short sale. In general, and just from my observations over the years, including looking at both types when we bought this house in 2004 and keeping up with sales since then, I'd say that the values of sfhs and nicer town homes (especially those where each side/ unit is unique and not cookie cutter, reverse negatives of the other) hold about on par in the middle price points, with maybe an edge to town homes. But in higher and lower price points, single family might have a slight edge. The reason is probably that in this area about 60 percent of the sales are second homes. While would expect that the previous advice is correct and - again in general - a sfh will hold value better, it all depends on your particular market. You might want to do a little research there and talk to your realtor....See MoreSingle family vs. two-family property
Comments (5)It sounds like you are looking at a duplex: two family homes under 1 roof. We call them duplex, triplex and quadplex here. (Bigger than 4 plex, the rules are quite different because you cannot get FHA financing.) For multiple family housing, the market price is determined by the rental income, not necessarily what the price per sq ft for single family homes are. However, the appreciation for multiple family homes is not as rapid as the single family homes. This is something you should be aware of when buying a multi-family home. The appraisal and comps are based on other duplexes, not single family homes of same size. If the upstairs rents out for $1000/month, the rental income more than easily pays for the mortgage difference of $250,000 at 3.5% interest. (where I live, $1000 for 1 bed apt would be mid to low rent.) Of course, you maybe living in a smaller place since they split up the place into two. Price per sq ft is meaningless where we live because of the quality of the properties are vastly different. If you are in Queens, then the property that you are looking at is probably quite old, going on 100 years old or more. You need to look at what infrastructures have been upgraded on the properties in question. In my city, we have $300/sq ft properties side by side with $150/sq ft homes all the time. We recently bought a duplex that was a rebuilt 1906 property. There was nothing left of the old except the original framing. Thye even poured new footings... They rebuilt it so that it still had the 'charm'... This type of rebuild does not appease the old house purist but we did NOT want a 1906 building with knob and tube wiring :) We were able to insure the house as a 'new' structure. Insurance premium is signifcantly different for old versus new structures in my city. Most people hugely underestimate the cost of 'well done' renovation of old homes. This is where the risk comes in. If you are buying a poorly done renovation, it's not worth much. Well done renovation is worth the $ you are paying. Well done renovations should have upgraded the infrastructure of the house; electrical, siding, windows, insulation, plumbing etc. It's not just about replacing faucets and cabinets and calling it a kitchen remodel. Realtors often are not knowledgible on the quality of renovation. We use a contractor that we have used often and trust to view the house with us. If you are thinking of buying a duplex, you should do some reading on being a landlord and how to do the math to know if you are making money or losing money on your investment....See MoreWhere is the home and decorating conversation side
Comments (33)Garden web was first on ivillage, which nbc purchased in 2006, until in 2013, i village was swallowed by today.com, which at around 2014 decided to drop( yes up for sale but no longer wanted by nbc) the GW forum. GW went live on houzz in Jan. 2015. Gw was looking for a new server to Save it, because short of a purchase today.com no longer planned to sustain it and that is why houzz was able to acquire it. Really, dispersing only half of stories and the side you like is misleadingly unhelpful. Also not acknowledging houzz' prompt response and repair to our gripes is plain rude. blfenton, I never did the three step sign up thing the other day maybe that is why it was back on my page....See MoreDuplex conversion
Comments (21)If it is going to be a duplex, I see no reason why it can't look like a duplex. And that would mean treating both entries in a similar manner with similar emphasis. Right now, the emphasis is on the right sided entry, with the walkway leading directly to it. I would want to treat the left entry with a similar approach and emphasis. If not practical to put in a second walkway (can't see clearly where that would orginiate). then consider relocating the current walkway to more of the center of the property and 'tee'ing' it off with arms leading to each of the individual entries. That would also provide some space between to the two to plant....See Morecawaps
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