Why a duplex may be the perfect solution for your housing needs
November 14, 2018 | by QualicoCommunities
With prices rising year-over-year, the Calgary real estate market is becoming progressively more difficult to navigate. When looking for a new home, affordability and practicality are considerations at the forefront of everyone’s mind. If you’re in the market for a new home, consider a duplex. Duplexes offer a long list of benefits to homeowners and are the ideal homes for people at many different stages of life. Whether you are someone purchasing their first home, empty nesters looking to downsize, or you’re stuck somewhere in between; a duplex may be the perfect solution for your housing needs!
Duplexes for First-time Home Buyers
With a steady rise in home prices, the new home market can look quite daunting. If you are new to the housing market, you might be fearful that you will never be able to own your own home because it just isn’t affordable. Lucky for you, this isn’t always the case! You may just be looking in the wrong place. If you’re of the majority who are concerned about affording their first home, buying a duplex could be the perfect answer.
For first time home buyers, the advantages of owning a duplex are limitless. For those buyers new to the market, you are likely just getting started in life after living at home, or with other people. At this stage in life, there is a lot going on and a lot of different responsibilities pulling your time and money in different directions. The most common concern for people new to the market is affordability. Duplexes are one of the most affordable housing options on the market today! Unlike condominiums, the other common starting point for homeowners, there are no condo fees associated with purchasing a duplex. You simply pay your mortgage and taxes as if it were a typical home. Once you’ve moved into your new duplex, you are still able to realize great savings! Because you are living in a slightly smaller home, you will be able to save on your utility bill as it takes less power to heat a smaller space.
Owning a duplex as your first home has benefits that can extend far into the future. As you continue to grow in life, you may wish to move to a larger home that is more suitable to a larger family. You can retain ownership of your duplex when you move on and rent it to people that are in the same position you were years ago! By doing this, your first home can turn into an investment property to serve you for years to come.
From the cost of owning a new home to flexibility, practicality and future ownership benefits, duplexes are the smart choice for a first time home buyer.
Duplexes for Empty Nesters
The kids have moved out and it’s just the two of you. Now what? For empty nesters, this is an exciting time where they are beginning a new chapter in life. For many people in this position, downsizing their home is a common action as they no longer need the space of a large home and they may be looking to save some money as they head towards retirement. If you’re an empty nester considering downsizing your home into something more practical, a duplex is the ideal solution.
Just because you’re downsizing to a smaller, less expensive home it doesn’t mean you have to make sacrifices in your choice of community. In many cases, empty nesters have the desire to remain in either the same community, or a similar community, close to the amenities they need and with the features and charm that lead them to fall in love with their community in the first place. Duplexes are an affordable way to achieve this. Most communities have duplexes in them, and duplexes are a less-expensive alternative to your typical home. Just because you’re downsizing doesn’t mean you have to give up what you love!
A common trend upon becoming an empty nester or retiring is travel. This is your opportunity to explore the world! Duplexes offer the flexibility to make this possible. Based on the size, price and practicality of duplexes, they are very appealing homes for renters. If you have aspirations of long-term travel or multiple trips, renting your duplex in your absence is a smart choice. You are able to rent out your duplex to cover the mortgage payments and even make a profit while you travel the world! This is a great way to capitalize on your property and decrease the costs associated with mortgage payments on your empty house.
Once the kids have moved out, it’s time to start thinking more about you. Downsizing to a duplex gives empty nesters the affordability flexibility that they desire to allow them to remain in a pleasant, beautiful community while doing whatever they plan to do with their later years.
Duplexes for Other Stages of Life
Duplexes may typically be targeted towards new home buyers or empty nesters, but unless you are part of a large family, duplexes are a home option that is quite suitable to people at many different stages in life. Whether you are living by yourself, a single parent, a caregiver or even a close family looking to stay close but have their own space, duplexes are the sensible and logical option.
For anyone living on their own or just with a significant other, purchasing a duplex is the most affordable way to have your own, spacious home and avoid the extra fees of condos. An added bonus of duplexes is that if you do get lonely and need a household companion, pets are allowed and with a duplex, you still get to have a reasonably sized yard for your companion to roam!
If you are a single parent or caregiver, duplexes are still a great option if you are looking for a new home. Duplexes are often in the range of 1,300 to 1,500 square feet. In many cases, duplexes are offered with 2 bedroom and 2 bath, or 2 bedroom and 1.5 bath variations. This is the perfect amount of space for two people. Whether you are a single parent, or a grown adult living with your elderly parent, duplexes offer the perfect amount of space to keep you close to the people that matter most while still giving you privacy and personal living space.
Lastly, duplexes give homeowners the ability to move into their own space, but still stay close. One of the beautiful aspects of a duplex is that there are two units connected to each other. For people who want to have their own space but remain close to family, duplexes present the ideal opportunity. A homeowner could either buy the entire duplex and rent half to family or friends, or they could split the costs and each buy a half-duplex. This is a fantastic way to have your own home but keep those who are important to you close.
Duplexes provide homeowners with the flexibility and practicality rarely available from other types of homes. Thanks to this flexibility, duplexes are an appealing home option for people who have so many different and diverse lifestyles or needs.
The Space Between: The shared duplex wall
Since duplexes were first introduced, there has been one sticking point that has caused buyers to hesitate when it comes to making the decision to buy: the partition wall between the two units. The fact is, most people purchasing a new house simply do not like the idea of having to share a wall with their neighbour. Through history, people have had experience with the wall being too thin, and being able to hear everything your neighbour does, being kept up late at night and suffering from a loss of privacy. In the past, this was a big concern with duplexes. However, it is the past for a reason. Builders have listened to resident problems and over the years, changes have been made to fix the problem of the thin middle wall.
The reality is that duplexes are nothing like they used to be. They now offer a lot better sound protection from your neighbours even though you share a wall. Construction has come a long way in home building and it has made a very impactful difference in the parting wall of duplexes. Partitioning walls of a duplex are now significantly thicker than they have been in the past and it now provides residents with the privacy from their neighbours that they desire.
With 88 duplex lots released in Phase 54 in Redstone and a chance to save up to $15,000 on your new home, there has never been a better time to consider purchasing a duplex! This offer only lasts until the first 20 lots are sold, so hurry into your favorite builder’s show homes and explore your options today!