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Answers (1)
- Deb Agliano, "DebOnTheWeb"
- Contributions:1559
Thank you for your question. Owner occupying both units of a 2 family home doesn't change the legal classification of the house. This means there won't be any change to your real estate taxes, mortgage or insurance because the house is still a 2 family home regardless of who's living there. If you are looking to have a change to your real estate taxes etc. you would need to go to the city of Malden and have the house officially changed to a single family home.
There is one advantage of owner occupying both units and that comes when you sell. You'll want to talk to an accountant if you have rented out part of the home at any point or taken depreciation, but owner occupying both units can potentially mean no capital gains when you sell. (Of course, this is only an advantage if you sell the property for a gain.)
There is one advantage of owner occupying both units and that comes when you sell. You'll want to talk to an accountant if you have rented out part of the home at any point or taken depreciation, but owner occupying both units can potentially mean no capital gains when you sell. (Of course, this is only an advantage if you sell the property for a gain.)
disadvantage of owner occupying both units in a 2 family home?
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