If you are planning to buy several properties, you should consider buying a multifamily home instead. A multifamily home is a single structure that contains multiple units that can be occupied by different families. Below are some of the advantages of multifamily homes.
One of the best things about buying a multifamily home is that you can rent out some of the units you are not using. In fact, some people buy multifamily homes purely for investment purposes. Or maybe you plan to use all of the units in the future, but you only need one or two in the present. You can use the additional income to help you maintain the home and pay for the mortgage.
Another benefit of investing in a multiunit property is that you can live onsite and engage in on-hands management of the property. This is especially useful if you have several units and you plan to manage them on your own. Being a landlord is not easy, and the farther you are from your property the more complicated it is likely to be. Managing a property from a remote location is not easy because you cannot help with emergency situations on time and you might also fail to notice problems in time.
Multigenerational living is a setup that allows multiple generations to live in the same home. For example, you can live with your parents and your children in the same home. This can allow all of you to save money on property ownership and also take care of each other. However, multigenerational living can be complicated, for example, due to privacy concerns, if you are in too close quarters. A multiunit property solves this problem because you can live on the same property without necessarily being too close to each other.
You can benefit from easier and cheaper financing when you buy a multiunit property and make it your primary residence. This is because mortgage companies know that homeowners take good care of their properties than tenants. Thus, mortgage companies charge lower interest rates for primary residences than for rental properties. You are also likely to benefit from lower deposits when you choose to live on one of the units.
Whichever property you decide to purchase, consider using a real estate agent. The agent will use their experience and skills to help you safeguard your investment.
Reach out to a real estate agent for more information about the kinds of property for sale in your area.Share