PLEASE read! i want to buy a side by side duplex??

Question

i want to buy a side by side duplex so i can rent out the other side and make profit but my question is i wanna really do alot of remodeling on my side of the duplex like granite counter tops and a walk in shower hard wood floors ect. so does the value of the duplex go up as much as if i would have a single home and did remodeling ? is it worth doing all that remodeling and getting a profit if i were to sell?

Answer 1

Where abouts do you live?  I have a semi detached house, which is what we call them here in Australia, and the price has gone up heaps in 5 years.  It is definitely a good investment.  It is area of the housing market that is a little more scarce - a step up from a unit or apartment (and no body corporate fees) and not as expensive as a free standing house.

Also, i've been to auctions of similar semi's in my area that have been renovated and they sold very well.  This is including the house adjoining ours which was renovated and sold for $120,000 more than what we paid for ours a few months after we bought ours.

Answer 2

Right now it depends on where you live. In some communities what you're suggesting is quite common, and yes, intelligent remodelling will increase your sale price. On the other hand, there are communities where duplexes are traditionally rented out on both sides: in that case you won't get much more for the shower or the counters since nobody will pay more rent for them. They will, however, pay more to rent a house with attractive hardwood floors in good shape, so that's a sensible investment no matter what.

However, some things you do for you and not for potential return. A walk-in shower is a real luxury that you would enjoy, and no buyer would refuse to buy a house simply because it had a walk-in shower (there are people who won't look at granite countertops, for instance).