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Buying or Selling a Home/Buying a duplex as single family residence?

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Expert: - 2/12/2011


Question
Hello!

I currently co-own a single family house with my grandmother.  We are both on fixed incomes, and live together to pool resources and because she has severe vision problems and cannot do things like shop and care for the house alone.  However, we're both very independent people, and living together has been increasingly problematic.

We've given thought to buying a duplex, with the idea that we'd each take a unit.  However, concerns have arisen with this idea due to uncertainty with taxes and the added cost of two sets of utility costs.  A mother in law apartment within a single family would be ideal, but they are only available to the very rich in our area - which we are certainly not.

Have you ever heard of a single family buying a duplex to function as a single family dwelling?  Is this completely unrealistic?

Answer
Hi Kit,
Well, I guess that I'll take your last question first... Nothing you choose to do as your living arrangement is "completely unrealistic". In my humble opinion whatever you choose to do can work for you as long as you go into it understanding your expectations and if the dwelling can fulfill those for you.  

You can find out the current taxes are when you look at resale homes. That information is readily available. You can also request utility bills from the current homeowner. These will help you understand if you can manage the monthlys. Depending on whether you sell your current home and have some equity you may do very well. On the other hand, if you are already in trouble financially, you may have to lower your sights. Without knowing more specifics about your situation, it's hard to give more definitive advice.

What area do you live in? Single family homes with in-law apts. are very affordable here in upstate NY. Two-families are also very affordable. I'd be happy to help you with your situation if you would like. Feel free to contact me at 518-469-9000 or email me at laurie.s@kw.com.
Hope that helps?
Laurie

Buying or Selling a Home

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Laurie Stephenson

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I can answer questions about Residential Real Estate in Upstate NY's Capital District area, from Albany to Lake George. I specialize in Saratoga Springs and the surrounding towns. I am a Buyers and Sellers Agent. Check out my website at www.lauriestephenson.com

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Residential Buyers and Sellers Agent

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Greater Capital Association of Realtors, (GCAR) New York State Association of Realtors,(NYSAR) National Association of Realtors, (NAR)

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Associate Broker

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Million Dollar Club

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My goal is to make the process of buying, selling, or owning a home efficient, enjoyable and rewarding for you. See what my clients have said about my real estate services... *Comments: Laurie was enthusiastic and supportive through the whole process. I would highly recommend her! JAC - Stillwater *Comments: My wife and I recently purchased our home with Laurie Stephenson. This purchase was difficult because we were buying a home from 3000 miles away. Laurie worked with us for several months prior to the purchase. Then, when my wife and I arrived to look at homes, she helped us get right down to business. Laurie's knowledge and expertise pertaining to the Saratoga community allowed my wife and I to find a house that was honestly, the exact home we were looking for. Laurie took our situation, our hopes and dreams, and helped us put them into perspective and find the home that was just right for our family. Laurie's dedication to our family was invaluable throughout the entire process and continues on past the closing of our home. My family and I appreciate everything that Laurie has done for us. We got the luck of the draw with Laurie, and couldn't have asked for a better real estate agent and friend. Sincerely, Randal& Shanna Thorpe *Comments: One of the most refreshing qualities about Laurie is she goes to great lengths before even showing a house to make sure her clients are qualified and she understands exactly what there looking for. Her unique ability to understand people and listen is why she's so successful. She puts her client's best interest first and assures they can buy and afford the house for years to come. As a Mortgage Broker responsible to the banks and the clients we have a perfect record and many happy homeowners. Thank you Laurie!!! Jim Teele

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