What is a Duplex?
A duplex is a single residential property with two dwellings under one roof and a dividing wall between the two living spaces. Each side of the wall is a completely separate home, with its own entrance, parking space, yard and amenities. Usually duplexes are on one title, meaning both halves must be sold together, however, there are times when a duplex can be subdivided into two separate titles and each home sold separately.
What Are the Benefits?
- Value added to the property.
- Potential for multi-generational living (family closeness).
- Great option for downsizing for future retirement.
- Potential for rental incomes.
- Ability to stratify and sell one or both units of the duplex as an investment.
- Go through the building process only once while technically building two separate units.
- While not official, there is discussion that the city may allow basement suites in each duplex unit; increasing income potential.
What Are the Drawbacks of Building a Duplex?
- Construction costs of building a duplex generally costs more as there is two of everything IE. services, millwork, countertops, plumbing fixtures, & lighting fixtures etc...
As you can see the benefits greatly outweigh the drawbacks for building a duplex in Vancouver.
If you're considering building a duplex, contact us today to discuss your project.