Home Selling in Taunton>Question Details

2family, Home Seller in Taunton, MA

We are looking to convert our 2 family home into a 1 family. Question - if we sold the house - would we get more for the 2 family or 1 family?

Asked by 2family, Taunton, MA Sun Sep 6, 2009

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7
First, you have to get a variance from the city to be sure they will approve the conversion from one to two family. My opinion is value will not be affected greatly due to the large number of multi-family homes on the market in this area. Rentals are not in short supply in Taunton. Converting could be quite pricey.
0 votes Thank Flag Link Mon Oct 19, 2009
Hi,

How are you? The best way to answer your questions would be by knowing your property address so that i can pull the taxe records and look at the foot print for your home, to find out specifically what time of home garners the most in resale value, in accordance with your neighborhood. Please feel free to contact me with that information and i would be glad to respond with some feedback on your question. The general feedback without further detailed exploring would be that 2 family would garner more then a single family in value.

Best regards,


Experience excellence

p.s. Of all of your family, friends, neighbors and co-workers, who do you think will be the next one to move, buying or selling?


Peter J. Mlaguzi III
President of Real Estate Sales and Development
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peter@petershomefinder.com
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0 votes Thank Flag Link Mon Sep 7, 2009
Value wise, it is my feeling that whether to convert the house back to single family from a duplex would depend on what is the best and highest use for the property (area) and the scarcity or abundance of rentals/multi-family in the area. I would just look around the neighborhood and be very objective. If much of the neighborhood is rental, I would personally leave it as a duplex. If there are very few multi-family or rentals and the neighborhood justifies the cost of conversion, I may convert. Without knowing more facts, it is difficult to advise. If you love the neighborhood & house and see yourself there long-term, by all means renovate it to your needs. Obviously, value is not much of a factor until you sell. I don't know how you have been handling your taxes, but the depreciation of rental property is different than primary residences and there may be some tax advantages to keep it as a duplex and rent it. Sorry, not much help.
Regards,
John
0 votes Thank Flag Link Mon Sep 7, 2009
Good Morning, Actually being a Realtor in Taunton I don't see any Disadvantage to converting if that is what you want to do. I would do it in a way that it could be converted back at some point if need be without major work. Value wise single family homes are worth more at this time unless you have an exceptional 2 family. Best of luck. If you have any questions please feel free to contact me.
0 votes Thank Flag Link Mon Sep 7, 2009
Hello,

This question could easily be answered by getting your Realtor to do 2 Comparative Market Analysis on the property. The first would be done with the house in its current state. The second would be done with the home converted to the single family. Then you would be able to see the price difference, consider the conversion costs, and make a decision.
If you have equity in the house, you might be better off to sell it now and buy the home you really want. This may be a wiser alternative to spending a lot of money to reconfigure this home.

Raymond Cardoza
Keller Williams Realty
508-558-9619
RCardoza@KW.com
0 votes Thank Flag Link Sun Sep 6, 2009
I would think that would depend on several things. First, what is the zoning of your "duplex". If rented out as a duplex, what would each unit bring? If you take that total amount, deduct property taxes, deduct an amount for customary vacancy rate in your area, allow a certain percentage for a management fee, what are you left wth? Take that amount and see how much money you could borrow In today's market at today's rate as a mortage. That' s probably what the property Is worth as a DUPLEX. if the zonng is for that use.

On the other hand if the use as a duplex was illegal then the value is like any other comparable single family home in the immedate neighborhood . Check wth a Realtor doing busness in that neghborhood.
0 votes Thank Flag Link Sun Sep 6, 2009
Alot would depend on how extensively it was remodeled to become a 1 family & if you changed it's zoning with the town as well. Also location has a lot to do with it's values for each type of property and how it relates to others around it. A basic reuse of the 2 family as a single but retaining it's real use wouldn't change it's value, taking out the kitchen of 1 unit completely might devalue it though. You'd have to look at who is moving into your area for each type of property and what they're expecting in each property type. If it was an excessively small or awkwardly laid out 2 family it might make more sense to modify it to a good sized or larger single. But like I said, it really is property specific & neighborhood specific, you should consult with several local real estate professionals to get their opinions & make your decisions when you've had several imputs.
Hope that helps,
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Sun Sep 6, 2009
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