Those looking to purchase real estate in the area can expand their options by including the selection of duplexes for sale in London Ontario. Duplexes are a favourite for investors, either by renting out both units or to live in one while a renter helps take care of a large portion of expenses. If you are in search of an investment property London Ontario buyers are finding increasingly attractive, consider adding duplexes to your list.
There are several types and styles of duplexes for sale in the London Ontario area. You should first be aware of whether a duplex was originally constructed as a two unit property, or was converted into a duplex. Many large, older London Ontario homes were converted into two unit properties to increase income and/or value. In conversions, it is important to know if, and what utilities have been separated during conversion. In some conversions, plumbing, for example, remained central to minimize construction expenses. This impacts who ultimately, is responsible for utility payments. London Ontario neighbourhoods also include both converted and original construction up/down duplexes and side by side duplexes.
Selecting the right duplex will depend on your goals for the property. If you have the intention of living in half of the duplex, you will want to choose a property in the location best for your personal needs. If your purchase is purely as an investment property London Ontario, your choice will likely be more influenced by your ROI (Return on Investment). Factors that can improve ROI include a historically well-maintained property, solid tenants with lengthy tenancy, and good cash flow. It can be valuable to determine if rents currently being charged are at market rates.
Multi-family homes for sale like duplexes can be found in many London Ontario neighbourhoods, in and around the metro. In some cases, duplexes for sale London Ontario are comparable in pricing to single-family homes of similar square footage. Like single-family homes, duplexes for sale in London Ontario can vary widely in price from the low $200,000 range to $1 million plus. First-time buyers of an investment property London Ontario should also be aware that rental properties are treated differently by both mortgage and insurance companies. This is just another reason seeking professional assistance can be valuable in finding the duplex appropriate for you and your real estate goals.
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