Duplex are a tough sale
Does anyone attempt to sell duplex housing? I have tried to sell a few, but it seems people don't really like fixing them up. I have a few that I am trying to sell, and have been telling potential buyers that a duplex doesn't have to be a duplex, it can be changed into one house if so desired, but it seems the work is what puts people off from buying one. Thing is, they're selling for so cheap, so I just don't understand.
What are your results with selling duplexes?
5 answers
I've looked at some duplexes where I live, and I think they make for great fixer-uppers. I actually have my eye on one duplex that I would like to convert into a family home. I will be buying it for myself and my family, so I will not be selling it.
As for selling them, I can't say, but I do know that if the money is right, someone will buy it. Duplexes can be good profit if you rent out, or you could convert like I want to and make a full house and sell or rent.
I find that most duplexes in my area only peak the interest of those looking to buy and rent out, not buy and live in. Though I have had one family looking for an entire unit to live in but this was including the grandparents. I guess it is a toss up really. I hardly ever see them for sale these days.
If your duplex currently is a rental income property, San Francisco's Rent Board regulations may apply to the sale of the property. To help a sale move quickly, have a copy of the regulations available for potential buyers. This expedites any questions that may arise, especially for new landlords. Also, ensure that your current tenants have been given the appropriate notification that you plan to sell and that all financial records that pertain to your duplex are up-to-date and available to qualified buyers.
Pricing is generally thought to be the number one consideration when it comes to selling your duplex quickly. A property that is overpriced may get few lookers and ever fewer offers. Base the price of your property on the sales price of other, similar properties in the area. These comparable properties will give you a realistic idea of what you can expect your property to sell for. To get a quick sale, drop your price below market value, and be willing to be flexible if you get a solid offer that is close to your asking price.
My brother is actually looking to buy one right now. It would be for him and his wife and her sister and her two kids will rent the other half out. I guess they want to help her out for awhile and after she is back on her feet, they will rent out both units and buy a home.