Work with a professional real estate agent to secure your dream duplex in Calgary
The Duplex is a very common property to invest in. Why buy or rent a house when you can buy two and rent the other one for income? A duplex is an ideal home for a growing family too. It is a solution to parents, grandparents, and children living under one roof.
Duplex units usually stand side-by-side and are two separate units in one building. Usually, the two parts share a common wall, with each side having its entryway and front-landscaping. However, it is quite common in urban areas to find duplexes that are two-story buildings with a front yard.
Duplex properties in Calgary
In Calgary, there are several residential communities offering Duplexes for sale. However, some communities are quite obviously better than others due to the quality of living and the amenities on offer. If you are looking to buy a duplex property in Calgary, head over to myfriendfarrando.com and search for duplexes and attached homes in Calgary. Their roster contains the three leading residential communities that offer duplexes and the most top-of-the-line living standards.
The communities you should look at are the following.
This is an immensely popular residential community located in northwest Calgary. Varsity offers several amenities and is close to several malls, including the Market and the Northland. Moreover, at Varsity, you will live close to parks and enjoy excellent connectivity with the rest of the city.
This is another residential community in the northwest Calgary area. This community is perfect if you enjoy outdoor living. The Nose Hill Park is the biggest attraction of Richmond, and the locality boasts a reassuringly and consistently low crime rate. The location is perfect for your dream home.
The Brentwood community is located within walking distance from the University of Calgary. Brentwood offers many shipping amenities to its residents. Brentwood is an extremely close-knit community with a family feel to the setting. If you are visiting the site, do not forget to check out the Brentwood duplexes for sale.
Duplexes do not come cheap. If you are looking the get the feel of a single-family detached home without paying the steep amount, then Calgary is the ideal place. Homeowners are usually on the lookout for new duplexes in Calgary. Keep in mind that compared to detached single-family homes, semi-detached ones are more reasonably priced. So, if your budget limits you, Calgary semi-detached homes are the perfect option for your family. Consider neighborhoods like the West Springs to choose your dream duplex. But it is all about making the right choice; the informed decision. Not everyone has prior experience in dealing with real estate. Even if you have, there is no guarantee that your market knowledge will be relevant in Calgary.
Whichever way you look at it, owning a duplex is a great idea. However, when you are looking at aduplex for sale Calgary, you should make it a point of work with an expert real estate agent. With that in mind, here are the top tips to keep in mind before purchasing a duplex property.
Use the financing options
There is a myth regarding duplex financing. No, there aren't a handful of loan options; instead, it is just like any other real estate property. You do not need cash to bid on the property, and besides conventional financing, you can leverage FHA, VA, and even 203K. Moreover, you can even piggyback the repair and remodeling costs within the financing package in some cases.
About repairs and maintenance
It is always a great idea to look for new duplex homes, but if you are going for one that will require repair and maintenance, make sure you get down to it as soon as possible. If you have plans to put up the unit or both for rent, you need to make sure that the living quarters are clean, free from mold and other health hazards. Ensure that the water heaters and the thermostats are all in working conditions before charges start stacking up.
Tax breaks can offset the repair cost
The substantial tax benefits can offset your repair and remodeling costs. Keep in mind that at least one unit has to be used by a tenant for a stipulated part of a year for the tax benefits. You may even qualify to offset the repair cost of that particular unit as well. It is vital to remember that tax benefits can be availed from each local, state, and federal agency – so keep your eyes peeled.
Duplexes are the preferred urban homes
This one is less of a feature and more why you should invest in duplexes. A duplex is always preferred, especially in the urban setting, simply because a tenant needs to share walls with at-least four to five flats in an apartment. This is something that tenants do not need to worry about when living in a duplex. Duplexes also have more floor space which means buying a duplex is a sound investment.
There is nothing more important than location
As stated in the previous section, Calgary is one of the best areas if you are looking for duplex homes. When it comes to real estate value, location is the prime factor. A favorable location creates a better neighborhood with low crime rates and the availability of all the necessary amenities and more. However, prime locations will also cost you more – so you need to balance between the two and spend within your budget. However, you would do well to keep in mind that a good location will make it easier to sell the property if you decide to in the future. This brings us to our final pointer.
The challenge of reselling
Reselling a duplex can prove to be a challenge, and there are several reasons for that. Firstly, if you have a tenant, there is no way to fast-track the eviction within your chosen time-frame. It might be challenging to attract the right buyer, and you might need to perform more repairs and remodeling to make it tick all the right boxes as per the current market.
Buying a duplex is no mean feat, and you should consider your options carefully. Hire a professional real estate agent to secure the best deal.