Loans for Dual Occupancy Units

2010 March 8
by iggy

There are a lot of homes available out there in the market today, all with a wide range of styles, costs, floor plans, architecture that cater to different tastes.  One of these is a dual occupancy apartment.  These are designed to cater to two households, with only one owner.  Either two families live close to one another such as siblings or parents and the families of their children, or the other unit may be leased out to other people.

There are some people who just have a preference for dual occupancy apartments.  Basically a dual occupancy apartment is where there are two dwellings on a single parcel of land.  Because of this fact, the potential for income from rentals is there, as long as a tenant can be found easily.  This extra income can mean a lot especially for a growing family, as surplus income from any legal source is helpful.

However, banks and lenders often do not feel the same way.  They see dual occupancy apartments as unnecessary risk taking.  Hence, most lending institutions are unwilling if at all to grant a loan for a dual occupancy apartment.  The reason for the hesitation is that because of the setup of this type of unit, it is harder to sell than regular single occupancy units,  as fewer people are interested in buying such a home.  Due to this fact it will be harder than usual to get a home loan with the major banks and lenders.

Fortunately, there are banks and lenders out there that are willing to loan money in order to purchase such a unit.  The trick is finding the right one.  With the help of the experts on home loans this should not be that difficult.  With their advice getting a dual occupancy home loan is very possible.

No comments yet

Leave a Reply

Note: You can use basic XHTML in your comments. Your email address will never be published.

Subscribe to this comment feed via RSS