What is the difference between a duplex and a house?
A duplex is a residential building containing two homes that share a common central wall. The pair of homes will either exist on one land title and be owned and sold together, or exist on separate titles and be individually owned and sold.
Owners must agree to a building insurance policy that covers both sides of a duplex.
A body corporate is not usually needed, although this depends on the age of the duplex and its jurisdiction.
You should contact the relevant authority in your state or territory for further details.
A house is different from a duplex because it only contains one dwelling under a single roof, rather than two dwellings under a single roof. In a duplex, the two dwellings share one common wall, but are entirely separate entities with their own entrances and amenities.
Can you own half a duplex?
Yes, you can – although it depends on whether the two dwellings are on the same title, or on different titles. You will only be able to buy one half if the duplex has been subdivided into separate titles.
Why buy a duplex?
Buying a duplex has a number of benefits for both investors and regular buyers. If you are an investor, buying a duplex means that you’ll receive two rental incomes from one asset. And building one means you’ll be able to earn almost as much rental income as you would from two detached houses while saving thousands on land costs, as a duplex requires much less land than two detached houses.
If you are a regular buyer, the main benefit is the price tag, which is often up to half of what you’d pay for a similarly located detached house. This is great news for first-home buyers, anyone on a moderate budget, or anyone wanting a low-maintenance lifestyle in a premium location, such as retirees and down-sizer.
