Should I Consider Purchasing a Multi-Family Home

Should I Consider Purchasing a Multi-family Home?

melaniecameron Home Buyer Tips Leave a Comment

A multi-family property is any building designed to house more than one family in separate housing units. The most popular of these are apartments/condominiums and townhouses. However, in our multiple listing service, condos and townhouses are separated into their own search parameters, because they’re individual units for sale, and multi-family is reserved for duplexes, triplexes, and quadruplexes, which are whole buildings for sale and what I will be writing about here.

Multi-family homes aren’t for everyone. However, if your circumstances are right, they can provide some important advantages for you.

Advantages

  • You can live in one unit and rent out the others to help pay your mortgage.
  • Multi-family rentals are hot at the local beaches!
  • There’s a growing demand for rentals.
  • You get to control who you live next to.
  • You may be able to save money on utilities and cable.
  • Multi-family properties are good for keeping family close by while allowing them to have a “separate” home.
  • There’s potential to make some good money off them.

Disadvantages

  • Multi-family homes are harder to sell.
  • They appreciate at a slower rate (but don’t bottom out as quickly as single family homes).
  • Financing can be tricky.
  • Multi-family homes are treated differently by the IRS than single family homes (deductions are only available for your portion of the residence).
  • Buildings deteriorate quicker due to extra wear.
  • Being a landlord can be stressful: you’re basically a small business owner, who is required to handle all repair issues, and you’ll need to maintain a savings to pay for them.
  • You’re relying on someone else to pay on time.

So, if you’re looking for a property that will help save you money on your mortgage or will allow you to keep your family close and are willing to take on the responsibilities of being a landlord, you may want to consider purchasing a  multi-family home.

Multi-Family Homes for Sale in New Hanover County

Multi-Family Homes for Sale in Pender County

Multi-Family Homes for Sale in Brunswick County

If you’re interested in seeing any of the multi-family homes on the market right now, give us a call or send us a message through our Contact page. Likewise, if you have any questions about financing. We’re always willing to help!

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melaniecameron