Lethbridge Duplex Properties
A duplex is a type of residential buildling which has 2 seperate dwellings in it. These 2 units can be upstairs vs downstairs or more commonly side by side. The side by side duplex is the most popular and common style of attached property that you will find in Lethbridge real estate. Essentially, it is just like 2 single family houses built next to each other but sharing 1 wall between them.
The reason that a duplex is built instead of 2 single family units is most always to increase the density of the residential units in a subdivision or also perhaps to lower the construction costs per unit. By having 2 units attached on a common wall (or a party wall as it is known), it eliminates the need to seperate the units by 8 feet (as traditional homes are here) and it eliminates the cost of building 1 extra exterior wall. This increased density of units and lowered cost of construction allows the neighborhood to have more units in less space.
When you own a duplex, you generally own just you own side, both inside and out, and you have what is called a "party wall agreement" with the adjoining unit. This agreement basically stipulates for the shared wall ownership and maintenance, however it could also contain other clauses.
The biggest advantage to owning a duplex is that the cost is lower than a comparable size single family house.
The disadvantage is that you share a wall with an unknown neighbor or tenant, there may be more noise transmission between units, you generally have less land/yard with your unit, and you are affected by your neighbors attention to maintenance and decor.
IF YOU WANT MORE INFO ON LETHBRIDGE DUPLEX UNITS, EITHER TO LIVE IN OR AS REVENUE PROPERTY, GET IN TOUCH WITH ME.
Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.