Authority Real Estate
Chuck Jones, Authority Real EstatePhone: (208) 697-7673
Email: [email protected]

Why Buy A Multifamily home?

by Chuck Jones 03/04/2019

A multifamily home is defined as a building that has more than one unit. Each unit has its own separate kitchen, bathrooms, and utilities. These types of homes can be rented, owned, or be an investment property where a landlord collects rent.


A multi-family home is a more economical way of living. Because there is less privacy and tenants or owners are living in proximity to others, the cost is usually less. If you live in a multifamily home, you may not be responsible for things like exterior maintenance or landscaping and lawn care. The landlord may hire an outside company to take care of these tasks. 


Multifamily Home Designs


Multifamily homes come in a variety of designs. You may pass by houses that more than one family lives in and don’t even realize. Types of multifamily dwellings include:


Duplex

Condominiums

Apartments

Townhouses


These designs could have anywhere from two families to hundreds of families living in them. Duplexes, condos, and townhomes tend to have owners rather than renters. Apartments are usually seen as a property type that is leased. Some properties are stand alone while others are part of a complex. Your choice of where to dwell or invest in a multifamily unit all depends on preference. 


How Costly Are Multifamily Properties?


For those who don’t like to deal with yard work or maintenance, living in a multifamily unit could be a great choice. You may have to pay monthly HOA fees or other maintenance costs, but everything is taken care of for you. These fees may even cover maintenance inside of your unit. 


If you are investing in a multifamily unit, the costs can get a bit more tricky. While you will know the cost of the mortgage and insurance, the monthly expenses to maintain the property are always unpredictable. These costs all depend on what in the property is under warranty and how old the property is. Older homes will need things like new furnaces and roof replacements. It can be tricky to know exactly how much to charge for rent to actually make a profit as a landlord. 


Keep in mind that if people are renting from you, you’ll need to replace things like appliances, carpets, and flooring each time a tenant moves out, and a new one moves in. It can also be challenging to deal with tenant problems on a day-to-day basis. Be sure you know what you are getting yourself into if you decide to invest in a multifamily home. 


Overall, multifamily homes can be a great housing option for many families because of the simplicity and cost-effectiveness.               

About the Author
Author

Chuck Jones

Hi, I'm Chuck Jones and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.

I began my career in real estate in 2006. Several years later things sure have changed. So many changes have been made along the way. The world of real estate has change dramatically since beginning back in 2006. Getting a home loan is much more difficult. Knowing the market which is in flux all the time requires great knowledge and awareness of this market and it's changes throughout the annual season. Real estate is a passion for me for so many reasons and I'd like to think I take excellent care of my clients and their needs and desires in buyer or selling a home. That being said, I successfully serve Sellers and Buyers throughout the Treasure Valley. I’m a very well round and flexible individual and a professional. There’s nothing better than helping families find their dream home and I've been blessed to know a great bunch of quality people throughout these many years. It’s a blessing to be in such a wonderful business.

I've been happily married to Ann Marie for over 26 years and we have four children. 

(208) 697-7673 | [email protected]