Top 6 Tips to Sell Your Duplex in Safe and Profitable Ways

 

 

 

You must follow some effective tips to sell your duplex in ways that are safe and profitable. Several aspects are considered before turning this asset into a rewarding return. 

Should you proceed through a realtor? Or are you able to deal with the hassle yourself? Should you sell it right away or wait for a little? 

So many questions…

But don’t let yourself get overwhelmed. We’re here to help you with six simple and effective tips to transfer your duplex to a qualified buyer. And of course, to get you a profitable deal. 

 

Top 6 Tips to Sell Your Duplex and Make a Profit Out of It

Selling your prized duplex takes a few steps. Whether you hire a realtor or not, things must be managed properly before listing your property on the Internet. 

Tackling those steps can sometimes make you second-guess your decision. It’s best you follow some pro tips to prepare. 

So let’s find out how these tips can help you out:

 

1. Sell at a Reasonable Price without a Realtor’s Help

Here, we’ll share with you tips for how to sell your house fast without a realtor. First of all, you don’t have to pay a 5-6 percent commission to the agent. And secondly, you can learn how to sell it at a reasonable price. 

Research your duplex's current market price before listing it on property selling sites. Don’t act on your whim and tag it with an over-the-top price. 

An unrealistic price that’s 4-5 percent higher than the local market rates may put most interested buyers off. You’ll waste your time longing for a buyer who would never go for that type of price. 

On the flip side, pricing well below the standard rate, let’s say by 6-10 percent, has its risks. Honestly, it can rattle the bidders and bombard you with endless purchase offers.

So set a reasonable price for your duplex. If you bought it for $200,000 five years back, for instance, the current price will most probably be around $260,000-$290,000, depending on the residential price index and currency rate. 

Hence, decide on a price that’s somewhere around the average. Maintain a negotiable mindset as you await your first offer. 

 

2. Settle the Common Interest

CID, or common interest development, is something that includes two or more owners of a single property. The owners can use the common areas, such as a park, pool, parking lot, sidewalk, etc. 

A duplex may fall under CID too. 

When your duplex is a CID-enlisted property, you need to be cautious. Such properties are accountable to house associations. Millions of homeowners live in a common interest development system. 

So while selling your duplex, you must hand over the necessary papers to the buyer. 

These papers should contain the homeowners’ association’s rules & regulations. You should also share permits for your duplex’s remodeling, improvement, renovation, or repairs. 

 

3. Refresh the Interior and Exterior

The first impression is the most important factor. Even more than the price sometimes. So if you’re planning to see your duplex off finally without any cleaning or painting, you’re at a disadvantage.

No matter how reasonable your listing price seems, a potential buyer will only finalize the deal upon seeing the property with his own eyes. 

And when the buyer comes, he won’t be impressed to find a shabby, old-looking unit. Here’s what to do:

 - Clean up the walls, floors, roof, window panes, yard, pool, and other amenities. 
 - Apply new color to the walls to renew the external look.
 - Check, repair, and replace any appliances in the kitchen, bathroom, hallway, etc.
 - Arrange the furniture in a way that rooms don’t look confined or congested. 
 - Freshen up your duplex atmosphere with scents and air fresheners to create a positive vibe. 

Finishing off with the refreshment of your duplex will increase its aesthetic value, and bring a higher price in return. 

 

4. Settle Necessary Issues for a Rental Duplex

Selling a rental duplex has some prerequisites. If you have a rental duplex that you want to sell, you must ensure the following:

 - Notifying the tenants about vacating the property well ahead of time (as per the lease contract or a considerate time).
 - Collecting a local board regulation copy and sharing it with the buyer. 
 - Maintaining all updated financial records of your duplex.
 - Inspecting the duplex to remove anything left by the tenants and repair any damage.

Sorting out these issues in time will expedite the selling process. It’ll further create a positive impression on the buyer’s end about your commitment and dealings. 

 

5. Subdivide Your Duplex for a Partial Selling and Living/Renting 

Subdividing your duplex will open several doors for you. How so?

Let’s assume you’ve conveniently divided your duplex into two portions. Options you can go with are as follows:

 - Rent one half of the duplex and sell the other half. 
 - Live in one half of the duplex and sell the other half. 
 - Sell two halves of the duplex to two different buyers. 

Whichever option you go with, it should benefit you in:

 - Reducing your mortgage (if any)
 - Ensuring a consistent and stable revenue
 - Profiting by selling the property at an increased value

And did we tell you that subdividing your property will substantially increase its value? Various conditions may apply based on locations and markets. 

However, this technique is a win-win for all parties. 

 

6. Find a Genuine Buyer 

Be careful to find a genuine buyer. You need to sell your valuable duplex, and you should be determined to find the right party. 

A genuine buyer can belong to various backgrounds, including rich local citizens, real estate investors, first-timers, move-up buyers, fix & flip investors, etc. 

If you’re selling your duplex for a profit, you should look for investors from the real estate sector. Such a buyer can buy your house for further improvement and resell or rent. 

Besides, you can look for a ‘luxury buyer’ who can afford to buy several houses (including yours) if your duplex contains high-end amenities. 

In short, focus on those who are willing to negotiate, make a commitment, and give you a reasonable price. 

 

Final Words

Selling your duplex in a safe and profitable way takes a mixture of prudence and courage. You have probably realized that by reading the tips we’ve shared in this article. 

What you must remember is that the property market is wider and more challenging nowadays. So you must maintain your duplex for a higher price. 

You won’t need to worry much if you follow these tips. Do more research about your local market so you have a good perspective before opting to sell your duplex.