I have a two family and am wondering about experience converting it to a single family. Opinions on whether or not to do?
I just imagine selling the property as a single family would be more profitable. We don't plan to rent the home out for long. As a convert it would have 6 beds, 2.5 baths. As a two family it currently has 3 beds/1 bath per unit.
The home has a lot of doors and possible windows that would need closing up/brick work.
Discussion
Hey JT,
You may have already made a decision on this, but as the proud owner of a duplex I would recommend against it!
I don't know what neighborhood you're in, but often there are buyers who are looking specifically for duplexes, and as Nathan mentions there is the added value to the buyer of being able to rent out the second unit for extra income.
Anyways, interested in what you decided to do and how it went?
-Alissa
I would recommend calling a realtor to come look at the house, they can give you comparable numbers for the duplex versus a single family in that neighborhood. And then I would call a reputable general contractor to try to get rough numbers for the cost of the work that would be involved. Also factor in your time involved in managing the renovation project.
My uninformed guess would be that keeping it a duplex would make more sense. Fewer buyers are interested in a six bedroom house than in a duplex they can rent out. If the house is fine as it is, then you are just adding costs when you go to modify the layout. However, the equation would change if the house needs major renovations regardless, and if the neighborhood is such that it is more attractive as an owner-occupied structure than a rental.