In today’s tight real estate market, homes for sale may be offered at a price point that is over budget for many families. One option for potential home buyers is to consider investing in a multi-family property.
Multi-family properties are everywhere. From condos and duplexes to townhouses and attached villas, these types of properties can be found in almost every town or city in Florida. This may be because the Sunshine State is a highly desirable area of the country. People who love warm weather and resort-style living are always looking for places to rent or buy, and multi-family housing is a fantastic option.
Why Choosing Multi-family Housing?
Why should home buyers might want to consider multi-family housing when looking at homes for sale in Oviedo, Coral Springs homes for sale, or any other location in Florida?
Lower Price Point
The asking price on Coral Springs homes for sale, homes for sale in Oviedo, and all across Florida as well as the nation is rising. The housing market is on an upswing and property values are climbing as the list of homes for sale tightens.
In most markets, multi-family housing often is available at a lower price point than single family residences. That means you may be able to buy yourself into a highly coveted city or area at a lower sales price with a multi-family home. What’s great about this is that you will still be able to enjoy the same benefits such as school district, city and county amenities, shopping, restaurants, and the like, but at a lower mortgage rate.
Easy or Lower Maintenance
Multi-family properties, like a condos, means most of the maintenance will be taken care of for you. From general building cleaning and window washing to grounds and parking, these types of maintenance services will be kept up for you.
No Mortgage Payments
Buying a duplex, triplex, or fourplex may be just what you need if you don’t mind doing a little property management. By living in one unit and renting out the other, you may be able to pay for part or all of the mortgage with your tenants’ rent monies. This will allow you to not only save money, but make it, too.
Monthly Cash Flow
A multi-family home where you can increase your income every month and, therefore, your net worth. It’s important that you measure the value of the property versus its income potential.
If you choose not to live on site, than you may want to consider a property management firm as a go-between but it will cut in on your earning potential.
Better Mortgage Loan
In many ways, owning a multi-family home is considered a lower risk than a stand-alone residence. With good credit and credentials, it could mean more favorable interest rates and terms on the front end of the loan.
Do keep in mind, a higher down payment is likely. Many mortgage lenders will ask for as much as 30% down on a multi-family home so be prepared.
Overall, a multi-family residence can turn into a solid, stable investment for a smart investor. Definitely worth consideration.
