Buy a single or duplex in Lakewood?

amother

Fuchsia

Sun, Jan 15 2017, 8:11 am

Hi. We are looking to buy a house in Lakewood. We cannot make up our mind. Should we get a cheaper duplex or buy a single house for more money? Obviously we prefer the single house but would need to get a 30 year mortgage loan as opposed to a 20 year one if we bought the duplex. In the long term, if we get the single house, will it be a better investment if real estate prices go up In Lakewood since so many people are moving here? Also DH thinks Lakewood house prices will go up like in NY and that eventually a single house will be worth much more than a duplex. Do you have any thoughts or advice for us? Thank you.

amother

Hotpink

Sun, Jan 15 2017, 8:31 am

I don't think house prices will ever raise like NY as Lakewood has so much room to expand into surrounding areas. Did you consider Jackson ? You can get a single house for a lot cheaper there...

amother

Fuchsia

Sun, Jan 15 2017, 9:00 am

Yes we considered Jackson but we have decided we prefer to live in Lakewood and want a new house. Jackson has old houses and with busing, we want to stay in Lakewood. Thank you for your feedback.

amother

Hotpink

Sun, Jan 15 2017, 9:28 am

So not sure the question... of course a single will b worth more - it's just a question of affordability - either you can wait to afford a single or need to move now and opt for the duplex you can afford now ...

amother

Mauve

Sun, Jan 15 2017, 10:36 am

Single is worth more thats why u would be paying more. The question is, if u live there and aren't selling the house then does it really matter how much its worth. I live in a duplex and would love to have a single house. It's completely different sharing a property.

amother

Fuchsia

Sun, Jan 15 2017, 10:43 am

amother wrote:

Thank you for your feedback. Are taxes higher for single houses? Also is it difficult sharing property with the other duplex owner? Thank you.

amother

Chocolate

Sun, Jan 15 2017, 11:09 am

My husband believes lakewood prices will eventually go up to close to brooklyn prices as well. Prices have skyrocketed in Lakewood and probably will continue (of course there are ups and downs but real estate generally keeps going up in these places in the long run).
As for your question, duplexes are definitely worth less bec u are sharing a wall with another family! Single families are much more preferable and will probably go up more in value...

amother

Fuchsia

Sun, Jan 15 2017, 11:23 am

amother wrote:

By duplex, do you mean an attached house?

. Yes a half house or semi-detached.

amother

Blush

Sun, Jan 15 2017, 1:10 pm

amother wrote:

Taxes are for sure less in a duplex.

Not necessarily. You would need to see how the house is filed.
Many duplexes in Boro Park for example are filed as condominiums which is considered a luxury and is taxed accordingly.
I pay over 7k in taxes for my 2200 square foot duplex while my parents are paying around 5k for their 3500 sq foot fully detached private house.

amother

Royalblue

Sun, Jan 15 2017, 3:22 pm

lkwd prices will never reach brooklym prices. true lkwd is going up fast but brooklyn is going up too. also remember that in lkwd 800k will get u a brand new gorgeous big house with some land. in brooklyn 800k will get u a 1300 sqft dump that needs tons of work and no land.

amother

Gray

Sun, Jan 15 2017, 3:52 pm

I don't think prices in Lakewood will rise like NY. Salaries here are so much less and the commute to Manhattan daily is difficult and few are able to do it long term.

amother

Hotpink

Sun, Jan 15 2017, 4:02 pm

I just think it's a matter of space - Lakewood can keep extending its borders - real estate will likely go up somewhat but not crazy high with so many options...

amother

Tan

Sun, Jan 15 2017, 4:03 pm

We bought a duplex. It's frustrating because had we bought only 2 years ago we could have had a single for the same price or less, but it is what it is.
We needed to be under 700k, and wanted to have room for upgrades. So we got a duplex in a highly desirable area (not much land, but very close to central areas and a good neighborhood with mix of types). We can easily rent our basement for $1200, which is not so common anymore in Lakewood.
So we chose a duplex wth many upgrades over a house with not as many upgrades. I'm sure the resale value is less than a house, but right now I'm not worried about that.

amother

Plum

Sun, Jan 15 2017, 4:54 pm

amother wrote:

Can you elaborate on the differences when sharing a property?

amother

Mauve

Sun, Jan 15 2017, 6:57 pm

I just feel like if I want nice grass and neighbor doesnt it just wont work cuz their weeds just spread into ours. If we want to get grass cut we have to work it out to do together or it looks funny. No privacy in backyard. Its almost townhouse living. Please note grass issue is only if not in a development cuz by development u have association fee and its taken care of. Theres also possibility of ur duplex neighbor being am investor and u never know who theyll put in.

amother

Tan

Sun, Jan 15 2017, 7:12 pm

amother wrote:

We are putting up a fence.

workingmom

Sun, Jul 29 2018, 10:44 pm

I would be glad to help you out ! I moved from Brooklyn to Lakewood (who didnt) . I actually do real estate here so feel free to reach out to me I would be glad to share my thoughts with you

amother

Tan

Sun, Jul 29 2018, 10:47 pm

We pay about $10,000 taxes for our Lakewood duplex.
Obviously there is less privacy but if the other choice is a single home that's very close to the next single home, there's not much of a difference, and most new single homes in Lakewood are like that.