Can a duplex be side by side?

A duplex is two units attached and deeded as one parcel. Duplexes can be side by side, one story, or a two-story structure with one unit upstairs and one unit downstairs.

What is it like living in a duplex?

But living in a duplex means you only have to share common spaces with one other unit as opposed to a whole complex of people. Being close to your neighbor: A duplex means you’ll be in close proximity to your neighbor, but completely separate units that are fully private.

Do you have to live in both sides of a duplex?

Obviously, a duplex you plan to live in needs to be a place you feel comfortable — at least for a while. It doesn’t need to be your forever home, but it needs to be sufficient for your family’s needs. Also, it needs to make sense as an investment property when you no longer live in it and rent out both sides.

Is it better to buy a duplex or rent it out?

Not only will you secure a roof over your own head, but you’ll have at least one other unit you can rent out for profit. Depending on your goals, you could use the rental income to either a) reduce your own cost of living or b) snowball into more real estate investments down the line.

Can you buy a home and live in a multi family unit?

Believe it or not, this strategy — buying a multi-family unit and using it as your primary residence — is one many new homeowners and investors have used for decades to get their foot in the door. Compare top mortgage lenders in your area and find the right fit for you.

Do you need a real estate agent to search for a duplex?

Once you begin the search for a duplex or multi-family unit, your real estate agent should be able to talk over these expenses with you and help you run the numbers. In addition to making the financials work, you’ll also make sure you’re mentally prepared to become a landlord.

Can you rent out both sides of a duplex?

Beginning of a real estate portfolio. A duplex is a great stepping stone for anyone looking to invest in real estate. While you live in half, you can pay down your mortgage. Then, when you move out, you can rent out both sides — doubling your rental income. Rent goes up.

How is a duplex similar to a single family home?

Similar to a single family home, duplexes are essentially two homes that share a wall with another home. How does a duplex work? Each home in a duplex can be either independently owned or by one entity. These owner-occupied duplexes can be split if the owner wishes to sell one or both.

Where can I find duplex homes in Springfield IL?

Search duplex and triplex homes for sale in Springfield IL. Find multi-family housing and more on Zillow. Skip main navigation Sign in Join Homepage Buy Open Buy sub-menu Chevron Down Springfield homes for sale Homes for sale Foreclosures For sale by owner Open houses New construction Coming soon Recent home sales All homes Bundle buying & selling

How much does it cost to rent a duplex?

Based on comparable rents in the area, if you could get $1,000 per month for the rental part of the duplex, you would take half that amount and apply it to the mortgage (the other half would be set aside for expenses). Deduct $500 and you are left paying $675 for your half of the duplex.