What Are Duplex Foreclosures?
First, what is a duplex? A duplex is a property that has two separate entrances for two families. The dwelling might be divided side by side or stacked one on top of the other. Duplexes are sometimes called twin homes. When the duplex is actually on two separate pieces of land, they are often called semi-detached houses.
A duplex foreclosure is like any other foreclosure – it is a home that has been repossessed by the lender due to delinquency. The advantage of a duplex home for sale is that they are often offered at a discount and can make a cheap property investment.
Types of Duplex Foreclosures
There are a variety of two family homes for sale – from modular homes to mobile homes as well as apartment and traditional duplex properties.
Duplex modular homes
A modular duplex is a prefabricated building that is built in sections at a factory and then assembled on the property.
Duplex manufactured homes
A manufactured home duplex is built in a factory on a chassis that makes it mobile. These are sometimes called duplex mobile homes.
In densely populated areas and big cities, a duplex apartment can refer to a maisonette. A Maisonette is a small house connected to a large apartment building or an apartment spread over two floors. This style of home is also called a “two flat.” A duplex apartment can also be an apartment with rooms on two connected floors.
Foreclosed duplexes for sale
No matter what name they go buy – mobile home duplex, modular duplexes, semi-detached house, or twin house – finding a duplex home for sale can be a great investment or starter home. Duplex houses for sale offer a lot of opportunities for income.
Are Duplexes and Multi-Family Homes the Same?
Foreclosure duplexes are just one type of multi-family home. Multi-family homes can be townhomes, condos, apartment buildings or duplexes. Multifamily foreclosures can make great investment properties and can be found on the Multi Family Foreclosures Page.
Difference Between Condos, Duplexes and Town Houses
Duplex apartments are usually two units attached either side by side or stacked on top of each other. A duplex condo or duplex condominium is different. A condo is typically one unit in a multi-unit structure. With a condo you purchase the unit, not the land or property it sits on. A townhouse is often two stories and is part of either a semi-detached or detached building. All of these types of properties are often referred to as twin homes.
Advantages of Investing in Duplex Foreclosures
Foreclosed duplexes make great investments. You can buy cheap duplexes for sale and rent them for a profit. A two family house for sale can provide a consistent income each month. Checking the duplex property listings for foreclosed homes is a great way to get started. This isn’t a hard sell – The great thing about purchasing duplex houses is that you get two rental properties for the price of one!
Is it Possible to Find a Half Duplex Foreclosure for Sale?
It is possible to find a half duplex house for sale. In some areas, duplex homes can sit on property owned by two different owners. If one owner is foreclosed on, the other maintains their property. In that case, you might find half of a foreclosed duplex for sale.
Half Duplex Vs Full Duplex
When investing in a semi-detached home, a duplex foreclosure can be a great option. If you purchase a half duplex, you can only receive rental income on one side of the duplex property. However, if you are interested in moving into the home, a half duplex might be just what you need!
Can I buy a Foreclosed Duplex for Sale and Separate it into Condos?
Depending on the size of the property, it might be possible to take foreclosed duplexes for sale and separate them into condos. More often, a buyer will take a large foreclosed property and separate it into condos.
Duplex properties for sale are flexible and offer a lot of options for buyers. Today, duplex real estate is a great way to take foreclosures and turn them into revenue building properties.