• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Home Buying Advice

Should You Buy A Duplex And Have A Renter Help Pay Your Mortgage?

It's very possible that the best first home for you may be a multi-family home.  Having a tenant to help pay your mortgage can really pay off.

A duplex is a single building with separate units and separate entrances.  You can live in one of the units and rent out the other. Being a first-time homebuyer and landlord can work well together, especially if you live on the same property as your tenants. As a new homeowner, you may be more flexible about your living arrangements, having lived in apartments, and perhaps are without too many other heavy responsibilities such as children.

Many first-time buyers who purchase a duplex and rent out the other unit are working to prepare themselves for the next property . . . perhaps a single-family home where they plan to start a family.  The plan may include keeping the duplex as an investment, renting both sides, and using the supplemental income to help with the next home purchase and begin building steady long-term wealth.

Is a Renovation Loan Right For Your Home Purchase?

You found a house with great potential in the perfect location, but it needs a lot of work. You may want to consider a renovation loan.

What is a renovation loan?  With a renovation loan a homebuyer finances both the purchase price of the house and the cost for repairs. The loan is based on the after-improved appraised value of the property. The buyer makes only one loan and one monthly payment.

All renovation work must be completed after closing by a buyer-selected contractor, and funds are held and disbursed by the lender to the contractor as the work is completed. Repairs must start within 30 days and be completed within 6 months.

The renovations can be required repairs to bring the property up to minimum property standards, or they can be optional repairs to modernize a property. Repairs that fall within the guidelines include (but are not limited to) the following:

Found A Home You Love But It's 'Pending' . . . Do You Still Have A Chance?

So you've been looking online for quite some time now for the perfect home in the perfect location, and you finally think you found it.  But . . . it already has an accepted pending contract.

Ugh!  Disappointment!  Now what!  Is there still a chance that you can get the home, or should you not even try?

Well, pending does not mean it's sold.  It means that the seller has accepted a buyer's offer, but the transaction has not yet closed.  There are a multitude of things that can go wrong from the time a contract is accepted and the time it closes.  The home inspection could reveal an issue that is unacceptable to the buyer, the buyer's financing could get turned down, or something could change in the buyer's situation that causes them to not be able to buy.  So if you really want the house here is what you should do.