Eager house hunters frequently encounter all sorts of scenarios they never bargained for. For example, they may fall in love with a home that does not conform to their original wish list. They could become intrigued by a home with a pool, a two-story when they were adamant about a single-story, an unusual floor plan or architectural style. Sometimes, prospective buyers may be faced with choosing between a duplex vs. a single-family home.
There are a variety of reasons that could make a specific duplex suddenly more appealing than a single-family home: it’s in a great neighborhood, the price is better, it has built-in amenities, it’s newer. Now, let’s consider the general pros and cons:
Single-family pros and cons
- Owning a single-family home means more freedom to do what you want when you want to do it, such as choices in regard to painting, renovating, updating, decorating, landscaping and perhaps throwing a big party.
- Residing in a single-family home is more private than sharing space in a duplex.
- When you are ready to sell, you will not have to worry about uprooting tenants.
- You will be solely responsible for the mortgage and will not be able to use rental income to assist with monthly debt obligations.