Are you familiar with a duplex apartment? If you’re not, let’s get right to it. Whether duplex apartments in Barasat or Alipore, these are basically apartments in themselves – they are no different than your average residential property. What distinguishes them is the fact that there are actually two individual units clubbed into one. I’m sure you’re probably wondering, ‘How is that possible?’ Well, it’s easier than it sounds.
This can be seen by a common wall that separates the two units on a ground floor. In many cases, a duplex apartment is a two-story dwelling space where one unit is placed on top of the other. Both are then connected by a common staircase. In reality, they are two separate residences with their own entrances and other features. Hence, they offer more living space inside depending on your purpose for buying the said property.
The reasons for choosing a duplex range across a variety of reasons, yet their impacts can be viewed both positively and negatively as well. Is it wise to buy duplex apartments? That’s a question that needs careful consideration and analysis. Don’t jump to conclusions before checking out their advantages and disadvantages as listed below.
Evaluating the Advantages and Disadvantages of Duplex Apartments
Two-in-one solution: A multifamily home of sorts, duplex apartments in places such as Barasat are more than spacious enough to accommodate a separate family inside. You can keep your parents along with you or other branches of the family with ease. At the same time, it serves to complete family-based living without compromising individual freedom.
Source of passive income: A great way to capitalize on two residences is by renting one out for income. This is great because you will be assured of living spaces while gaining additional rental income that can be used for payments such as your mortgage and cost of living. As a result, buying duplex flats by top real estate companies in Kolkata are sure to be profitable.
While it may seem like a way to earn income from renters, it also serves as an option in the long run. It could be a retirement option for your elderly parents or children or could be used for other purposes in the future. Whatever the reason be, those willing to buy duplex apartments are subject to a great amount of ease and freedom in time.
The presence of a landlord nearby keeps tenants from being irresponsible and in check. Similarly, there is an immediate response to situations or easy contact in case of maintenance issues and repairs. You can also assess the damage through the living habits of the tenant – a duplex assures that landlords obtain first-hand information on their renters.
Bad tenants upon renting:
The tenants that you may have might not be the ideal neighbours you had in mind. You may not agree with their habits – smoking, drinking, sound-related issues and the list goes on. The worst part is that this will be evident owing to the proximity. Furthermore, they could be careless when it comes to maintenance on their part which will cause you to lose out financially.
Responsibility of a landlord:
As a landlord in Kolkata, it will become your job to handle costs concerning damages, repairs, etc of your apartment. Your dream of making money off the tenant could backfire if he or she is a ‘troublemaker’ and causes problems. Unfortunately, you won’t have a choice but to cave in and clean up after them. Thus, you could stand to lose out if you assume the role of a landlord.
Vacancy issues pose a loss:
Choosing a good location such as Barasat for apartments in Kolkata is always considered to be a good investment. However, that is of no consequence if you do not have a tenant. The longer it takes to get a tenant, the more you are losing due to the idle space that could provide a steady cash flow. Thus, it is important to secure a tenant as quickly as possible.
Compatibility and privacy:
It may happen that you found somebody (or even a relative) to be a tenant of the top part of your duplex apartment. Since you’ll are essentially sharing the same space, there will be minimal privacy. You may not agree with certain practices and neither does he/she pay heed to your culture and principles. Thus, it will be a complicated relationship until his/her contract expires.
Two birds, one stone. That completely sums up the concept of duplex apartments and depends on how you take it. Homes that have a dual purpose are sure to be useful in the future but do not underestimate the negative impacts that it poses. It may be a cause of concern for your budget and living habits.