The real estate market is slowly rebounding, as the unemployment rate creeps back down. However, the economy is still in a recession, affecting home owners that either want to sell their houses or even rent them out. Many people cannot purchase home, nor can they afford to rent out large homes. If you are a property owner with multiple homes, this can be disheartening, as you likely have a few houses that are vacant, thus not producing any revenue.
As the rental market becomes ever-more challenging, some home owners are looking to convert their houses into duplexes. This is ideal for larger homes that are not affordable for many families to rent out. This way, you can potentially rent out the home to two separate families and make a profit. This is much better than having your home sit empty.
However, you will have to make a few investments into the conversion process before you can start to profit off of a duplex. The most obvious costs are the physical ones. You will need to figure out how to divide the home and purchase the necessary materials, such as drywall and paint. If the house only has one kitchen, you will need to buy supplies to make a second kitchen. If you are not a natural-born handyman, you will need to hire someone to do the work for you.
Also, your city will likely require a zoning permit before you convert the home into a duplex. Duplexes usually have two separate addresses, as opposed to the one that your home currently has. You will also need to contact your water, electric, and sewage companies to ensure that the house is properly equipped and separated for multi-families. This is undoubtedly a lot of work, but the return on investment may prove worthy in the long-run.