Greetings from your Vancouver Real Estate Advisor- Yvonne Connor
Well... it's still not Spring yet, as I am still wearing a winter coat, despite all the Sakura in bloom.
Purchasing a 1/2 duplex home is mostly the same as a single detached one as far as doing all your due diligence in searching Title etc. The difference lies in that you are sharing a common roof and/or wall with your neighbour. You will have to share the roof insurance, as insurance companies will not split this policy. You will then have to buy a separate policy for your own contents, where your choice of a different insurance company is fine.
A Duplex will have the status of Freehold Strata as the property has been split, but generally will not have fees like a condo, except in the case where there is a 3rd home on the property. Sometimes you will have a Duplex and a Lane house in behind on the property. In this case there could be maintenance fees for everyone. The fees can be structured where everyone pays a share for the roof insurance, gardening etc, or... there may be no fees. Keep in mind however that when 3 owners are involved, two can vote in favor of one to having work done on the common grounds for example, which you will possibly end up having to comply with. Everything is usually negotiable in a fair way, but make sure you have the details of what may happen in the future regarding maintenance fees. Be aware of the $1.00 posting under maintenance fees. This is definitely something to check out with your Realtor to make sure you have no unwanted surprises after you buy.
The advantage of buying a Duplex home is that it is usually less expensive than a single family home.
Vancouver Real Estate Advisor-Yvonne Connor
Sutton Centre Realty office:604-435-9477
Direct: 778-997-7096
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