Duplex
A duplex is a type of residential property that consists of two separate housing units within a single building. Each unit typically has its own entrance, living space, kitchen, bathroom(s), and bedrooms. Duplexes are commonly found in urban and suburban areas and are often built side-by-side or stacked on top of each other.
Key features of a duplex include:
1. Separate Living Spaces: Each unit in a duplex is self-contained and functions as an independent living space, offering privacy and autonomy for occupants.
2. Shared Wall: Duplex units share a common wall or walls, which helps reduce construction costs and maximizes land use efficiency.
3. Ownership Structure: Duplexes can be owned by a single individual or entity who rents out both units, or they can be owned separately with each unit belonging to a different owner. In the latter case, the owners may share responsibilities for maintenance and upkeep of common areas.
4. Rental Income Potential: Many duplex owners choose to rent out one of the units while residing in the other, providing an opportunity for rental income to offset mortgage payments and other expenses.
5. Flexibility: Duplexes offer flexibility in terms of occupancy arrangements. Owners can live in one unit and rent out the other, occupy both units for multi-generational living or use one unit as a home office or guest suite.
Duplexes are popular among both investors and homeowners due to their potential for rental income, cost-effectiveness, and flexibility of use. They provide a middle ground between single-family homes and larger multi-family properties, offering a balance of space, privacy, and affordability.