Find the newest home listings in Tempe, Arizona, today! Living in Tempe is a dream for many people. As part of the Phoenix Metro Area, Tempe is a beautiful city that offers affordable home prices and excellent job opportunities. Outdoor enthusiasts love living close to the mountains, lakes, and parks and enjoying Arizona’s hot climate. There’s a thriving art and culture scene for those who love to get creative and learn, plenty of family-friendly activities, ample retail therapy resources, and much more. Tempe has everything you could want in a community, and interested buyers who purchase here are typically thrilled with their decision. For more information on real estate for sale in Tempe, Arizona, schedule a showing, call us today, or send us an email.
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A duplex is a style of multi-family home that contains two attached units. Similar to condos, townhomes, or apartments, a duplex is just a two-unit property. Duplexes are multi-family homes, but not all multi-family homes are duplexes.
While duplexes are not the most popular housing type in Tempe, there are a few options available for interested buyers. Duplexes are a great option for those who want to generate some rental income or purchase an investment property. Duplexes in Tempe cost between $300,000 and $500,000, so they are the most affordable option when it comes to a multi-family home.
Tempe is full of desirable communities, and there aren’t many parts of the city you wouldn’t want to call home. The significant neighborhoods have excellent access to schools, parks, shopping, restaurants, and things to do. Duplexes are typically located close to Arizona State University, as they are an ideal housing style for students. Interested buyers will find duplexes in Maple-Ash and Mitch Park East. Maple-Ash is one of the most sought-after communities in the northern part of the city.
There are plenty of excellent reasons to buy a duplex, and it boils down to personal choice and circumstances. Suppose you’re looking to get into real estate investing. In that case, a multi-family property is an ideal option, as it generates several different income streams. As long as you’re ready to take on the role of being a landlord or hire a company to manage your properties, a duplex is a fantastic investment opportunity. If you are looking for a more affordable housing option, purchasing a duplex would be ideal. While it’s more expensive up front, the other unit’s rental income helps to offset the overall cost. If you have family members that you want to live close to, a duplex is a great option. Suppose you have aging parents or family that need a stable home, buying a duplex could be the best option for your situation. Regardless of your reasons, purchasing a duplex is a great choice.
Assuming you don’t have the cash on hand to purchase your new duplex, you will likely need to know about your options regarding financing. There are some things to know when it comes to multi-family property financing, and knowing about them can save you a lot of money in the long run. Learning about what you qualify for based on your plans is essential before you talk to a lender, so you’re equipped with the knowledge to know what you could qualify for. There are three standard options when it comes to financing your duplex.
The route many people take is a traditional mortgage through your financial institution or bank. A conventional mortgage is for those looking to purchase the duplex just to be an investment property. If you don’t plan on living in the building, you don’t qualify for any other loans. Since rental properties are a higher risk for banks, you will need to meet the loan application’s strict requirements. However, you can use the rental income the property will be generating towards the loan approval.
An ideal option for those purchasing a duplex to live on one side and rent out the other is an FHA loan. The Federal Housing Administration offers a loan with plenty of benefits for buyers. The down payment requirement is lower, the requirements are less strict, and the interest rates are typically lower.
Finally, if you are a current or former member of the U.S. Military, the VA loan is perfect for you. Veterans Affairs offers an outstanding loan for those who have or are currently serving. There is no required down payment, you don’t need an excellent credit score, and no private mortgage insurance is required. This loan makes homeownership dreams come true for many people, so take advantage of it if you qualify.
Working with a lender who has plenty of experience financing multi-family homes is ideal when purchasing your duplex. They will know exactly what you qualify for based on your situation and work hard to get you the best mortgage.
GetMultiFamily.com is an outstanding team of professionals who work hard to get you the best price on the purchase or sale of your Tempe multi-family home. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. Our reviews and previous clients will tell you that they loved their experience with us, it was seamless and stress-free, and we have their best interests at heart. That is why we always recommend working with The Cap Core Real Estate Group. The Cap Core Real Estate Group is an incredible team of people who are experts in the Tempe area. If you’re considering your next purchase or sale, they are the best in the business. Led by Patrick O’Sullivan, the team is obsessed with excellence and finding their clients’ dream homes. Patrick started Cap Core after an impressive career working as the real estate advisor for U-Haul, earning himself the Agent of the Year award and the CCMI (Certified Commercial Investment Member) designation. Patrick and his team of excellent individuals are the best team for the job.