Find the newest duplexes home listings in Phoenix, Arizona, today! Phoenix is a lively and thriving city located in central Arizona. Over 1.6 million people call the beautiful city home, and they love the amenities and the heat. Over 300 days per year are filled with sunshine and warmth, and the city welcomes plenty of visitors each year. Phoenix is the perfect place to call home. Between the endless list of things to do outdoors, the strong economy, and the diverse real estate market if you want to live in the desert, it’s full of desirable traits. Interested buyers will find an abundance of opportunities to own the home of their dreams with a lifestyle they love. For more information on real estate for sale in Phoenix, Arizona, schedule a showing, call us today or send us an email.
A duplex is a home that has two units attached, much like townhomes, apartments, or condos. The term only refers to properties with two units. It doesn’t continue onto other multi family homes, like triplexes or fourplexes. Duplexes and townhomes may be grouped together, but duplexes are distinctly two units in one stand-alone property.
Duplexes in Phoenix AZ are a popular housing option. They allow for a more affordable home type, and they’re ideal for those who don’t need a lot of extra living space. Duplexes range from $150,000 to over $2 million. The wide range of prices makes living in Phoenix accessible for all budgets. Many of the higher-priced properties include the sale of the entire building, up to seven units. Phoenix is a great place to purchase an investment property for those looking to rent out the other units. Many units have between one and three bedrooms and one and two bathrooms.
Phoenix is a large city with diverse communities, and duplexes are easy to come by. Almost every significant community in Phoenix has duplex options, but the most popular include Downtown Phoenix AZ, Encanto, and Camelback East. Interested buyers who have the community they want to live in already picked out will likely find the perfect duplex in that community.
There are plenty of reasons why buying a duplex is the right choice for interested buyers, and it could be for affordable housing or investment property. A single unit in a duplex is typically a more affordable housing type that is great for families, young couples, or those who don’t need a lot of space. For investment buyers, purchasing both properties in a duplex is common for generating extra income through renting out the other unit or both.
Purchasing a duplex can be an excellent investment for many people, and it helps build equity and your portfolio. However, if you don’t have a lot of cash on hand, you’ll likely be going through financing to buy your future property. There’s plenty to know and to research before financing your duplex. When you purchase a duplex, you may land under a different qualification process, depending on the size. It’s typically considered a residential purchase, but the more units, the property may qualify as a commercial property. It’s essential to choose a lender who has experience with duplexes. If you intend to purchase the building and live in one of the two units, you may qualify for an owner-occupant mortgage. If you plan on renting out both units, you would need a conventional mortgage. These small differences may require a different down payment, so ensure you have enough money on hand for that. Once you determine which mortgage you’ll need, you will need to be approved by a lender. There are three different financing options.
The first option is a Federal Housing Administration, or FHA, loan. These loans are perfect for those who are living in one unit and renting out the other. The benefit of this loan is that the requirements are less strict, the downpayment requirements are lower, and there are lower interest rates on average.
The second option is a Veterans Affairs, or VA, loan. Those who are currently serving in the U.S. Military, or former member, can apply for a VA loan. If you plan on residing in one unit and renting out the other, the VA loan is a great option because there is no downpayment required, and the qualification conditions are lower than comparable loans. Recipients of this loan do not require private mortgage insurance or an excellent credit score.
The third option is a conventional mortgage through a bank. A conventional mortgage is for interested buyers who are looking to buy a duplex as a rental or investment property. If buyers don’t intend to live in the property, they are required to go this route. The requirements are much more stringent on a traditional mortgage, like great credit and a more significant downpayment, as the risk of purchasing an investment property is higher for lenders.
Discuss your options with a trusted lender, bank, or mortgage broker. Investment property buyers can use the rental income towards qualifying for a loan, which is more substantial based on the number of units. Hiring a professional realtor with a network of trusted professionals will help you in your home buying journey.
Interested in a guide to buying a fourplex instead? Check out our post here.
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The GetMultiFamily.com team is a group of dedicated professionals and experts in the Phoenix AZ duplex real estate market. Our track record and past clients are proof of our experience, and we’ve created plenty of happy clients. We specialize in duplexes, triplexes, fourplexes, and other multi-family homes. The Cap Core Real Estate Group is our first choice for our clients who are considering their next purchase or sale. Cap Core Real Estate has an impressive team. Cap Core is led by Patrick O’Sullivan, who came from being the real estate advisor for U-Haul. After an admirable real estate career and being awarded many accolades like Agent of the Year and the CCMI (Certified Commercial Investment Member) designation, you’re in the right hands with the Cap Core Real Estate team. Patrick and his team members are the right people to handle all your real estate needs and goals.
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