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A duplex is a type of multi-family home that consists of two attached units. They are similar to townhomes, apartments, or condos, but there are only two units. While the term multi-family homes can refer to various properties, the term duplex only refers to two units. Typically, duplexes are grouped in with townhomes, but they are quite distinct.
Purchasing a duplex in Mesa will run interested buyers anywhere from $299,000 to over $1.6 million. There are a wide variety of properties available on the market across the city so that interested buyers can find a great property in their budget in their desired neighborhood.
Duplexes are easy to find around Mesa, as they’re a popular housing option for residents. The most common communities include Nuestro, Village Park Four, and Apache Wells. These are popular neighborhoods that have great atmospheres and can be family-friendly. Apache Wells is considered one of the best areas to buy a home in the city.
Purchasing a duplex in Mesa, Arizona, can be a significant financial decision for many interested buyers. Whether you’re looking for an investment property or an affordable housing option, investing in a duplex could be the best choice for you. If you plan on purchasing a duplex and living on one side of it and renting out the other side, there are specific mortgages you can qualify for, and the rental income will help offset costs. If you want to purchase the property and rent both sides, you will be generating income, and it will be a great addition to any portfolio.
Making the decision to purchase your new duplex can be exciting and overwhelming all at once. Between finding your new home and adding a great investment property to your portfolio, there are plenty of things to do when it comes to purchasing a home. Unless you have cash on hand to purchase your new home, you’ll need to consider your financing options, of which there are many. When you are buying both units in a duplex, you potentially qualify for different types of financing. Depending on the size of the property, it’s likely considered a residential purchase but can be considered a commercial property in certain cases. Choosing a lender that specializes in duplexes and multi-family properties is a great asset to have on your side. Depending on which financing route you’ll be going, you may require a different down payment amount, a different mortgage, and requirements for approval. There are three distinct options you’ll need to consider.
The first option when it comes to purchasing a duplex is an FHA, or Federal Housing Administration loan. The FHA loan is ideal for those who are purchasing the building, living in one unit, and renting out the other unit. The requirements for this loan are less strict compared to a traditional mortgage, and the down payment amounts are often lower. These loans are also known for having lower interest rates. Whether you decide to rent out the other property to a family or a tenant, this loan definitely has its perks.
Another option for interested buyers who have served or are currently serving in the U.S. Military is the Veterans Affairs, or VA, loan. Like the FHA loan, if you are purchasing the entire property, living on one side, and renting out the other, the VA loan is an excellent option as it requires zero down payment. This allows for those who struggle to save a downpayment to be able to live the dream of homeownership. The qualification process is less strict than other options, and there is no requirement for a great credit score or private mortgage insurance.
The most well-known option is a conventional bank mortgage. If you’re looking at purchasing a duplex as an investment property and want to rent out both properties, you’ll be required to go the traditional route. The requirements are more stringent as you’ll require excellent credit, a higher down payment, and more. Since the risk is higher for banks on rental properties, they want to ensure they’re doing everything they can to be protected. Investment property mortgages can also use the rental income towards the loan qualification process.
If you’re unsure which option is best for you, consult with your realtor, mortgage broker, or trusted lender.
Buying or selling your duplex with GetMultiFamily.com will allow you peace of mind as a homeowner. The easy process, knowledgeable professionals, and ongoing support from start to finish are why we have so many happy clients. Our team specializes in duplexes, triplexes, fourplexes, and other multi-family properties. When you choose to work with us, you’re choosing a team of dedicated professionals that have your best interest at heart. That is why we always recommend The Cap Core Real Estate Group, which is our first choice for our clients who are considering their next real estate transaction. The impressive team at Cap Core is led by Patrick O’Sullivan. Patrick was formerly the real estate advisor for U-Haul and has received many accolades, including Agent of the Year and the CCMI (Certified Commercial Investment Member) designation. His impressive career led him to launch Cap Core, and you could not be in better hands.
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