What Is A Duplex And Is It Right For You

You’ve probably heard the word duplex thrown around, but what comes to mind when you think of it? A movie? Annoying neighbors? A small apartment building? Everyone has a different picture in their mind. 

So let’s get some things straight and clear up the meaning of duplex once and for all. 

What Is A Duplex?

Via MLM Incorporated

A duplex is simply a home with two separate living spaces. The home is usually an older building that was once one home but was large enough to accommodate two homes. Thus, it was turned into two separate homes that are still attached.

Each home in a duplex has a separate entrance and there aren’t usually ways to walk through each other’s living space. There may be a utility room that connects them, but this is similar to an apartment entrance. 

Each area also has its own bathroom, kitchen, and bedrooms. It offers privacy to both tenants and gives them a better price than if they were renting alone. It works a lot like an apartment, rather than a house. 

Can I Live In Both Duplex Floors?

Via de-spec

Yes, you can live on both floors of a duplex. However, if you choose to do this, you may notice that people no longer call it a duplex. They will generally refer to it as a single-family home since a duplex houses two families.

Related: Types of Houses for Every Lifestyle and Every Budget

Even if there are two entrances, two kitchens, and two living spaces, that’s not what makes it a duplex. What makes it a duplex is that there are two families living in it. So, when you live in both areas, it’s simply a former duplex. 

Can A Duplex Be Renovated?

Via David Heide Design Studio

This depends on if you want to renovate a duplex you own or one that you rent. Let’s go over each type of renovation and what you need to know before you consider taking out a wall or putting down hardwood floors. 

Renovating Your Duplex As An Owner

A duplex can be renovated to accommodate one larger family. If there isn’t a stairway inside, one is added. The second kitchen and living room are usually converted to bedrooms or family rooms. One of the entrances is even often removed or turned into a backdoor. 

Renovating Your Duplex As A Renter

If you want to renovate the space you live in, the rules are the same as if you lived in an apartment. You talk to your landlord about any changes you want to make and she can approve them or reject them.

Oftentimes, this is all laid out in the initial contract. You agree that you will pay a certain amount and you are told what is allowed. Sometimes, small changes are allowed, like paint color. Other times, you can do whatever you want. 

What Is The Difference In A Duplex And Other Town Homes?

Via Pavonettie Architecture

Many people confuse other types of homes with duplexes. But each of these homes has a unique name for a reason. For example, a country home is always in the country not in the city. But that one is obvious. What about when the difference isn’t obvious?

Condos

A condo is like an apartment and duplex fusion. It is usually sold to the resident. So there can be multiple owners within the same condo whereas all renters in an apartment are renting under a landlord. 

Shared areas are also more common in a condo than a duplex. In a duplex, you should have your own yard and there won’t be a courtyard or anything. Duplex renters prefer as much privacy as possible.

Townhouse

Not all townhouses are duplexes but some duplexes are townhouses. A townhouse is simply a house that is surrounded by other houses on two sides. They are conjoined but owned by separate individuals. 

Since townhouses are often tall, they are easily converted into duplexes. Many duplexes are townhouses that are rented out to two families. One family lives on top while the other lives on the ground floor.

Apartment

An apartment is the most common type of residence found in cities. This is because they can place hundreds of living areas in just one complex. A duplex only has two living areas, so it is not an apartment. 

An apartment is built in a complex and can be owned by an individual or a company. Both of these usually hire a staff to help out with the apartment whereas a duplex owner is usually an individual who does things primarily by themself. 

Is A Duplex Right For You?

Via Historical Concepts

That all depends on what you want out of a home. It also depends on whether you are considering buying a duplex building or if you are looking for a home to rent. After all, buying is a much bigger decision than renting.

Buying A Duplex

If you want to buy a duplex, think about whether you want to live in one area or rent out both areas. If you want to live in one of the areas, know that you may be the landlord, but you’ll still have a neighbor. 

This neighbor will have to follow your rules, which can be great. However, if you rent out both areas, you will get double the pay for rent, returning your investment to you twofold. You may break even if you simply live in one of the areas. 

Living In A Duplex

If you want to buy a duplex, remember that you will have a close neighbor. Yes, a neighbor in the same house, in a way. They may not disturb you, but most people in duplexes won’t try to avoid disturbing you like people in apartments.

When you have your own entrance, your own yard, and your own “house” you start thinking differently. That said, living in a duplex can save a ton of money and let you feel like you have your own house.

How Much Does A Duplex Cost?

Like any other home, duplex prices greatly vary. But before we get into that, you need to decide if you want to buy a duplex or if you want to rent a duplex. Renting a duplex only saves money if you rent one half of it.

Duplex Cost To Buy

Duplexes cost about the same as any other house or townhouse. If you are renting out both areas, you can make your money back fairly quickly. The nicer the duplex, the more you pay, but the more you can charge as well.

Expect to pay anywhere from $50,000 to $500,000 on an average duplex. This is not likely to be lower, but if you have more to invest, you can get an even nicer home that will return the favor quite quickly. 

Duplex Cost To Rent

The average amount that landlords charge tenants is about 1% of the market value. So if they pay $100,000 for the building, then tenants will pay about $1000/mo. This price varies, but this is a rule of thumb. 

That said, most landlords let their tenants split the cost so that each family is only paying $500/mo. This will get renters in your duplex quickly as the payments are much lower than renting a home.

Appealing To Renters

Via Brandon Architects Inc.

If your plan is to buy a duplex and rent it out to two renters, there are a few things you should know. 

Workforce Housing

Workforce housing is a wonderful way to appeal to a unique demographic. This type of housing should be affordable to the median household income families in the area. This is teachers, construction workers, and others like them. 

This type of housing should be close to businesses but offer enough privacy to satisfy the worker’s family. Workforce housing isn’t employees living together, it’s an affordable way for families in the workforce to live comfortably. 

They often rent these homes because they only want to live in the area temporarily. Especially when the worker is in a profession like the oil field or 

Triple Net (NNN)

Here’s another term that may come in handy. It’s called NNN. You can actually rent out your home to someone and have them be solely responsible for all expenses while you are still the owner. They simply live in the house.

Because they are responsible for expenses, they can act as a property manager, leaving you with nothing but passive income. Everything is under contract to so there is little to no risk in using a NNN investment. 

How To Find A Duplex To Rent

Via Jim Jose

Finding a duplex to rent is just like finding an apartment to rent. The only problem is that apartments tend to take up all of the space in search results if you don’t know how to search properly. It’s important to weed out results you don’t want. 

One of the best ways to find duplexes instead of apartments is to search for multi-family homes. You can try searching duplexes, but this doesn’t always work, so having a backup keyword is awesome. 

You can also hire a realtor to help you find a duplex to rent. Many landlords keep close contact with realtors so they always know when there are openings even if they’re not on the market or in any search results yet. 

If you’re looking for resources, then look no further, because here are all of the best places to find homes to rent online. Duplexes included! Just add “duplex” or “multi-family” home to your filters. Many of them have them already preset for you. 

The post What Is A Duplex And Is It Right For You appeared first on Home Decorating Trends - Homedit.

source https://www.homedit.com/what-is-a-duplex/

What Is Rent Control And Does It Still Exist?

Over 30% of Americans rent their home, while that number is up to 80% in some cities. With so many renters, it’s important to stay updated on why people rent, how to rent, and any new rent laws that may be implemented. 

With that said, we’re going to talk about rent control. You’ve heard it mentioned on tv shows from the 70s, 80s, and 90s, but that doesn’t mean it doesn’t exist today. Let’s take a look at what rent control is and how it affects the country today.

What Is Rent Control?

Via Studio DuBois

Rent control is a government program that puts a cap on the amount of money that landlords can ask for new leases. The point of rent control is to keep housing affordable for those living in apartments or homes.

This sounds like a dream and if you don’t think about it too much, there doesn’t appear to be any reason not to make it widespread. But if you do enough research, you’ll find out that there are good things and bad things about it.

Rent control can affect both tenants and landlords. But it can also affect those around the apartment, the economy, and the general interest of people living in the states where rent control is still legalized. 

As with any government program, there are both pros and cons. There are parties fighting for rent control with others fighting against it. As of now, those fighting against rent control are winning, forbidding it in many states.

Is Rent Control Illegal?

Via Vertebrae Architecture

While illegal is a strong word, there are 37 states that have laws forbidding landlords from enacting rent control. There are only five states and areas that have real rent control in action today. These areas are New York, New Jersey, California, Maryland, or Washington, D.C. 

While rent control makes it where tenants won’t see large increases in their rent, it doesn’t affect new tenants. Landlords can charge new tenants significantly more than they can charge existing tenants.

There are also two different ways to have rent control. You can either cap the total amount that a landlord can charge for rent or you can have them work with a percentage. There are two ways to do this.

One way is to only have them be able to increase the rent a certain percent with each lease, which may backfire, as they can continuously increase every time they get a chance. Most won’t do this, but it would work for them.

Another way is to go with the market. They have to be within a certain percentage of the standard within their district. This is harder to gauge but is a fairer way to do it. Then again, no strategy is perfect. 

Of course, this is just one of the reasons that rent control is controversial and banned in so many states and cities. Sure, it makes affordable living spaces for those with low incomes, but it also comes with many risks.

Where Did Rent Control Come From?

Via Vladimir Radutny Architecture

Rent controls started in the 1920s following World War I. During the war, rents were “controlled” by the people and local committees. The government was not involved. Then, between 1919 and 1924, rent-control eviction-control laws were implemented in some cities.

It wasn’t until The Great Depression that modern laws were enforced regarding rent control. Due to the financial crisis the country was undergoing, the government responded by restricting the amount of money that tenants had to pay. 

In the 1970s, new laws were created, some for and some against rent control. Most rent control laws still in effect are leftover from the 1970s, meaning that most tenants under rent control are paying what they paid in the 1970s, or close to it.

In 2020, due to COVID-19, the government implemented a new eviction-control law that prevented any evictions in some states from happening. This kept those affected by the pandemic from losing their homes. 

The laws for 2020 were implemented in the Spring and Fall of 2020, but they vary in how long they will last. In California, most of these will be in effect until February 2021. 

Who Does Rent Control Benefit?

Via Jennifer Giersbrook

Ask most economists and they will tell you that rent control usually doesn’t benefit anyone in the long run. But there are always arguments against every other argument. Both can be equally vouched for. 

After all, rent control is no different than any other economical debate. There are economists, politicians, and activists arguing for each side. But with these arguments comes one question. What is each side fighting for? 

Pros Vs. Cons For Tenants

Via Pinnacle Architecture

Should tenants or landlords have more benefits? Some argue tenants because there are more of them and they represent the greater good. They represent America and the lower-middle class people.

Pro: No Rent Spikes

This is by far the best thing about rent control. Tenants don’t have to worry about horrid rent spikes each year. They know that next month will be the same as this month. Rent control was implemented for this reason.

Con: If The Landlord Loses, You Lose Too

Although it seems great for you, the landlord may struggle with rent control. If they can’t keep up, they may lose the place. Most likely when this happens, tenants will see a ripple effect that won’t benefit them.

Pro: Predictable Future Rent

Not only will you know that your rent won’t increase next month, but you also know that in ten years, you’ll still be able to afford your current home. This makes it easier to raise children in your home, knowing they will be able to stay.

Con: The Neighborhood May Change

Because there is rent control in the area, you may notice the neighborhood start to change. There is a certain type of people that prefer rent-controlled areas, and this is forever changing.

Pro: Stability

Stability is important. So knowing that even if you never get a raise at work or a better job, you can still afford your home, is a relief. It’s things like this that make one think that rent control should have never been banned.

Con: No New Apartments

Because rent control is implemented, new apartments won’t appear nearby. So if you’re looking for an upgrade, it likely won’t happen. Even if the laws change, the neighborhood has already set the pace.

Pro: Won’t Be Forced To Move

People are evicted all of the time because they can’t pay their rent. This is a horrible thing that no one, even the landlord, wants to happen. But this isn’t something that happens in rent-controlled apartments. 

Con: Worse Maintenance 

Because the landlord isn’t getting as big of a turnout as he normally would, he can’t keep up with the maintenance like other landlords. So you may notice that the apartment is staying in the past instead of moving forward. 

Pros Vs. Cons For Landlords

Via InFocus Designs

Should landlords receive more benefits? They do own the complexes they are managing and they should make the rules, right? Many argue this case and believe they should have the same rights at other business owners have.

Pro: Alluring To Renters

Of course, this is the most important pro for landlords in rent-controlled apartments. They will appeal to renters and tenants who are looking for something they can afford. Try keeping prices for new tenants close to that of old tenants. 

Con: Lower Investment Turnout

Your tenants are getting paid more and more as the economy changes. But as a landlord, you won’t. This is because, in a rent-controlled apartment, you can’t increase the rent as the cost of living increases. 

Pro: Keep Tenants Long Term

You may not just keep one tenant for decades, but their heirs for decades more. People don’t move out of rent-controlled apartments very often. Most of your tenants will probably be elderly people that have been there since the 1970s. 

Con: Area May Deteriorate

Because the cost of living in the area is cheaper, companies won’t put in new stores and buildings as they fear the people won’t be able to afford them. This affects landlords who want a nicer setting.

Pro: Less Competition

As new stores aren’t often added in the area, new apartments won’t be added either. If someone works nearby, and you’re the only option, that’s where they will rent. So you will either have a full house or no one at all.

Can You Rent A Rent-Controlled Apartment Or House?

Via Abelow Sherman Architects LLC

Unfortunately for renters, it’s nearly impossible to find a rent-controlled apartment. Partly because it’s banned in most areas and partly because rent control only affects tenants already living there.

In fact, some rent-controlled areas only affect those who have been living in the house or apartment since the 1970s. If you inherit a home from a family member, the law may stay in-tact, but otherwise, it is nearly impossible. 

Is Rent Control Good Or Bad?

As stated, there are pros and cons to renting control, but most professionals agree that it doesn’t work in America. Prices everywhere are raised all the time, so why should rent be any different? However, there are exceptions.

For example, when there is a crisis, like the pandemic, there will be different rules. The unemployment rate drops, people can’t pay their bills, and the first priority is to keep everyone fed, housed, and safe. 

Other than that, the general consensus is that rent control will never return for good. It will always be a memory from the 1970s and a way that people in the early 2000s got away with paying $30 a month for fifty years. 

The post What Is Rent Control And Does It Still Exist? appeared first on Home Decorating Trends - Homedit.

source https://www.homedit.com/what-is-rent-control/

A Modern-Industrial Loft With Bohemian Accents and Retro Vibes

This gorgeous apartment from Barcelona, Spain measures 150 square meters (1,615 square feet) which is plenty. Still, it feels a lot more spacious than that. This is due to how the interior was redesigned and decorated by Sincro Interior Design Studio.

The apartment was totally transformed. In the process, the designers managed to open it up and to redistribute the rooms and to rethink the way in which they’re connected. They also managed to uncover some really beautiful original details like the exposed bricks which now make up some of the walls.

The building in which the loft is situated dates back to the early 20th century and since then most of the original architecture and design details have been covered up and hidden. This recent renovation was an opportunity to rediscover some of them and to create a unique and amazing new interior. The result here was an eclectic design, a combination of elements and details linked to several different styles such as industrial, contemporary, vintage and bohemian. These are sprinkled all throughout the apartment. 

The living room is part of a big open space together with the kitchen. It has an elegant vaulted ceiling, faux cement flooring and a stylish modern fireplace. A minimalist design was chosen for the custom-made media unit which adds a sleek touch to the room and contrasts nicely with some of the retro and industrial elements. The open kitchen features dark blue cabinets and chic granite countertops as well as an island with a built-in wine rack.

It’s not just the day areas that look absolutely amazing but the other sections of the loft as well, such as the inviting bedrooms, the stylish bathrooms and the home office. This is where the bohemian style is most prominent trough features such as the hanging hammock in the closed balcony and various smaller details sprinkled throughout the rooms. 

The post A Modern-Industrial Loft With Bohemian Accents and Retro Vibes appeared first on Home Decorating Trends - Homedit.

source https://www.homedit.com/loft-with-bohemian-accents-and-retro-vibes/