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I am wondering about this. I searched this forum using "converting" and "duplex" and didn't get much on this topic.
Some background:
I have a 2K sq/ft home
It's too big for me as a single guy
My mortgage is about $790/month
Home is probably worth about $200k - I owe about $100k on the mortgage
I am wondering how hard/is it at all possible to convert this home into a duplex in the city of St. Paul, MN (55130)?
I don't really think it would be smart to move on from the home, though I am considering it.
My mortgage is small - I really only need the basement for myself to live in. Would Like to rent out the upper two levels which are like 3 bedrooms, a full kitchen, living room. I would like to rent the upper two levels for around $1000 a month (maybe more) - the house kitty-corner to mine is renting out at around $1600/month and their basement isn't finished, like mine.
Is this a stupid idea?
The house doesn't look like the type of home you would think is a duplex, but I would like to get some opinions on this.
If you want more background information, I'll try to answer...
But the basement has its own bathroom - it has a fridge down there as well.
From what I have gathered, I would need to have the utilities updated into two separate entities if I wanted to convert it to a legit duplex?
The side door where you enter (into the kitchen) could have a wall put in and that would give a people living in the upper two levels their own unit and then the person(s) living in the basement their own unit.
I am assuming that the home is only zoned for single-family? But that's why I am here - to find these sorts of matters out.
If it is a single-family zoning, how hard would it be to get it zoned for a duplex?
As mentioned you'll first have to find out if duplex conversions are even allowed in your zoning district.
Then you'll have to find out what conditions or zoning variances would be imposed. A common variance, or even Special Exception, would be one for a duplex.
The conditions that might be imposed would be adequate off street parking (remember you're doubling the density and doubling the number of cars attached to the property).
You might have to install firewalls between the units.
You might have to split the utilities for the units so each has its own water/sewer, heating and electric and the metering. The electric company would likely charge for installing the additional drop to the meter. The water/sewer requirement might require you to purchase additional taps for the new unit for each service (where I live that would be $21,000 for both). You might be required to install separate supply and waste lines for the new unit's plumbing. You might have to install separate heating duct work for heating.
The school system might impose an impact fee/excise tax for schools.
Sell what you have. Get whatever money you've put in ... OUT (maybe).
Find some other spot of suitable size to suit your needs.
Maybe buy. Probably rent.
Then think hard about what other RE related advice you've ignored...
and how all of those choices have turned out.
The only people who can answer that are your local zoning authorities- should be on your city website.
That is part of the answer. It depends on your local zoning and the definition there of a duplex. In my locality a duplex are two separate properties that share a common wall. What you seem to be talking about is creating an apartment within your house Either way the first stop would be to contact the local zoning/governmental authority and see if what you want to do is legal.
If just creating an apartment why not just rent it with utilities included instead of going to the trouble and expense of installing separate feeds and meters (Electric, water, gas(?) ). In some localities (like where I am) the authorities will only provide one feed (and meter) to a property. If the property owner wants to have separate accounts for tenants it is up to them to install, read, and maintain the sub meters.
Then think hard about what other RE related advice you've ignored... and how all of those choices have turned out.
You seem to know a lot about me and my situation.
(I'm actually doing fine. Your implication that I am in over my head is bizarre.)
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Even harder in Florida.
