When Susan and Nick Taylor were looking for a home in Greater Victoria about a year ago, they were shown upwards of 30 properties.
Coming from Orangeville, Ont., about an hour northwest of Toronto, they werenB次元官网网址檛 fixated on any part of the Capital Region. Given the budget they were working with, they did have options, but neither seemed appealing, Susan recalls.
B次元官网网址淲hat it seemed to boil down to was, in the price range that we were in, we were going to be in a close-knit subdivision where everyone else looked into your yard,B次元官网网址 she says. B次元官网网址淥r conversely, a property that needed a new roof, new furnace, new windows.B次元官网网址
Then their agent showed them a Colwood home they would have referred to as a B次元官网网址渟emiB次元官网网址 in Ontario. That was short for semi-detached home, or in Victoria parlance, a half-duplex.
But with no strata fees to pay for shared maintenance, a full 2,000 square feet of living space and a sizeable yard, it fit the bill for the couple.
B次元官网网址淚 didnB次元官网网址檛 hesitate, because of what it offered over everything else we were looking at for the same price,B次元官网网址 Susan says. B次元官网网址淚t was kind of a no-brainer, and it didnB次元官网网址檛 hurt that we were only about six houses up from the water.B次元官网网址
After they moved and friends back home were trying to find their new digs on MLS, the searchers had a hard time, since this full-sized home B次元官网网址 essentially the equivalent of a townhome B次元官网网址 was listed in the strata duplex category, along with old-style duplexes normally associated with being rental revenue properties.
The couple, now looking to move again, feared their home wouldnB次元官网网址檛 be seen by as many people who might be interested in such a setup.
Listing agent Cheryl Laidlaw with Royal LePage Coast Capital Realty calls it a B次元官网网址渂it of glitchB次元官网网址 in the way MLS works. She says many potential buyers arenB次元官网网址檛 searching for a half-duplex because of the duplex stigma, or they may not understand how many variants of that configuration are available.
Newer style duplexes on large city lots offer an alternative to townhomes, Laidlaw says, for those people who arenB次元官网网址檛 interested in being part of a strata corporation and all that entails.
The construction of half-duplexes is more solid, she adds, with soundproofing elements that drastically reduce the amount of noise transferring between the two units. B次元官网网址淭he benefit is, you get much more house for the price.B次元官网网址
While newer duplexes on single lots can be found in various places around the West Shore, duplexes in which the two owners do not function jointly as a strata complex are not exactly rare, says Wendy Moreton, an agent and president-elect of the Victoria Real Estate Board.
B次元官网网址淎necdotally, IB次元官网网址檇 say about half of the duplexes you come across donB次元官网网址檛 comply with the Strata Act,B次元官网网址 she says. B次元官网网址淭he reason a duplex might have more appeal than a strata (townhouse) is that itB次元官网网址檚 less complicated. Some people like the idea of living in a strata and leaving the maintenance to someone else. In that regard, something like this would be simpler.B次元官网网址
Even if there is just one duplex on a property, there are still joint expenses that come up, such as house insurance B次元官网网址 it is a combined structure B次元官网网址 roofing, and any common landscaping areas.
Moreton says any grouping of four or less homes is not required to complete a depreciation report, as other traditional stratas must do, condos or townhomes. While potential buyers of a half-duplex would be expected to have a house inspection done as with a detached family home, the lack of strata fees isnB次元官网网址檛 necessarily the selling feature it once was, Moreton says.
B次元官网网址淟ow strata fees used to be promoted as way of attracting buyers, but it was found that those complexes were often not as well maintained,B次元官网网址 she says. B次元官网网址淚tB次元官网网址檚 changing the way people look at stratas.B次元官网网址
While marketing a home like the TaylorsB次元官网网址 may mean a little more legwork by agents, the fact such homes are available is encouraging for buyers looking for more home than what it might first appear they can afford.
editor@goldstreamgazette.com
Q: WHAT SHOULD I CONSIDER WHEN LOOKING AT A DUPLEX AS A REVENUE PROPERTY?
Every property has its positives and negatives and owning a duplex as a revenue property is no different.
The revenue stream of owning a duplex can be a financial plus, but keep these factors in mind. Is it already a tenanted duplex? If so the amount of rent paid by the tenant can play a huge factor in its value. Is the current tenant is a friend, a family member or someone getting great rental deal from the current owner?
Raising the rent can be an extremely slow process and getting the tenants out can be an equally challenging proposition. When you buy the duplex you may be inheriting the tenant long term.
If you plan to live in the duplex as well, think about the fact that youB次元官网网址檒l be living next to someone who may knock on your door whenever anything goes wrong. Is that something you feel comfortable with?
For some people, thatB次元官网网址檚 a part of the deal theyB次元官网网址檙e prepared to accept while for others, itB次元官网网址檚 a deal breaker. Do your research.
GREATER VIC. MARKET UPDATE 禄 MONTH as of APRIL 27/15 COURTESY VICTORIA REAL ESTATE BOARD
禄 689 / 664 -- NET UNCONDITIONAL SALES / TOTAL, APRIL 2014
禄 1,198 / 1,521 -- NEW LISTINGS / TOTAL, APRIL 2014
禄 3,934 / 4,404 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, APRIL 2014