What Is A Multi-Family Home? Everything You Need To Know About It

Are you in the market for a new home? If so, you've likely come across the term "multi-family homes for sale." Multi-family homes, like duplexes, triplexes, or even fourplexes, are gaining popularity. They offer a unique opportunity to live in one unit while renting out the others and make extra money to cover your mortgage and other costs. 

After the 2008 recession, the price of multi-family homes went down. But in 2021, all the multi-family homes in the US were worth over $110 billion. Experts think this number will increase even more by 2025. This means people who buy these homes might earn money as the value of the properties goes up in the future.

You might be thinking about what exactly multi-family homes are, their types and pros, and about any other things. So, in this blog, we will discuss almost everything about multi-family homes for sale so that you can make your decision.

What Is A Multi-Family Home?

A multi-family home is one big building split into parts so that many family members can live in their own spaces. It can be as small as a duplex, with two homes in one building, or big as a house or small apartment building with up to four separate units.

If you own a multi-family home, you can choose to live in one of the units and rent out the rest, or you can live somewhere else and rent out all the units. The rules for getting money to buy a multi-family home are different based on whether you will live there or not.

If you don't live in the property, you're called an investor. You can use the money you expect to get from renting out the units to help you get a loan. You can also get a bigger loan.

Multi-Family vs. Single-Family Homes

Multi-family homes are different from single-family homes. Some multi-family homes used to be big single-family homes that were split into many smaller units. Each unit in a multi-family home has its own address, kitchen, bathrooms, and usually its own door to go in and out. However, people living in multi-family homes might have less privacy than those in single-family homes because they share walls with their neighbors.

Types of Multi-Family Homes For Sale

There are many types of multi-family homes to think about, each with different layouts and sizes for living.

  • Duplex/Triplex

A duplex means there are two homes connected by a shared wall, ceiling, or floor. A triplex has three. Each home in a duplex or triplex has its own door to enter. They might also have their own yards and garages.

  • Condo

A condo is like your own little space in a big building where everyone else has their own space, too. You usually have to pay money every month to a group that takes care of things like the pool or the gym. Sometimes, this money also pays for insurance to keep the building safe.

  • Townhome

Just like duplexes, townhouses or townhomes are homes that are connected to each other by sharing a wall. Usually, they have two or three floors. They are bigger than apartments and usually need less fixing and taking care of compared to a single-family house.

  • Semi-Detached House

Semi-detached homes are similar to townhomes because they share a wall with another house. But, semi-detached houses are usually larger than townhomes. These homes can be cheaper than standalone single-family houses. Plus, they might have lower maintenance costs since the owners often share upkeep expenses.

Pros of Buying Multi-Family Homes For Sale

  • As we know, multi-family homes are a good source of rental income. The money you earn from renting out units in a multi-family property can help pay for your mortgage and other bills, giving you extra income.
  • If you live near your rental property, fixing things when they break becomes simpler. You're more likely to notice big problems quickly and can take care of them faster.
  • You can deduct a lot of the money you spend on taking care of your home as a business cost. You can also split some of the money you pay for mortgage interest.
  • Multi-family homes for sale are perfect for families with different generations living together who want to stay close but still have their own space. They also allow you to keep this arrangement available for the future.
  • If you begin by living in one unit but later decide to move elsewhere, you can still keep that unit and rent it out to earn extra income.

How To Find A Multi-Family Home For Sale?

Just like single-family homes, multi-family homes are also listed for sale on websites where you look for real estate. On these websites, you can narrow down your search results to find the type of property you want.

A real estate agent who focuses on either residential or commercial specialty can help you find good investment chances nearby. They might even know about some opportunities that haven't been listed online. Before you decide to buy, you should check out multi-family home prices in your area and what you might need to spend.

Conclusion

Multi-family homes for sale have many advantages that make them appealing to both people buying homes and those investing in property. They offer opportunities like earning money from renting out units, splitting costs with tenants, and having different living setups. These benefits make buying a multi-family home a smart choice.

So, if you want a multi-family home for sale and are looking for a partner to help you get the best deal, contact Rose Calderone. For more details, visit our official website and take the first step towards discovering the perfect multi-family home to call your own!

phone-handsetcrossmenuchevron-down-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram