What Are The Advantages Of Buying A Single Family Home?
If you’ve been thinking about investing in real estate, then you’ve had possibly done a lot of research about it, and you might have also come across these confusing questions, whether you should invest in a single-family home or a multi-family home. If we look overall, then single family homes are better.
Generally, the price of a single-family home is much cheaper as compared to a multi-family home. Single-family homes are cheaper because they are small in size. This is the main reason why single-family homes are so affordable and why it’s so easy to buy a single-family home than a multi-family home. On the other hand, this means that you need to start investing in a single-family home earlier in life (before you save a large amount of money) so that you can get a bank loan without any struggle.
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Requires Less Time to Get Rented:
Single-family homes offer a lot of conveniences and usually, single-family homes get rented much faster than multi-family ones.
One Tenant at A Time:
Unpaid utility bills, delayed rent payments and destroyed property; dealing with tenants can sometimes become a headache for you. In that case, single family home gives you an advantage of having to deal with only one tenant at a time.
It has been claimed by many experts that a single-family home attracts better quality tenants than a multi-family one. This also means that such tenants would cover all bills on time, pay their rent on time and they’d also take good care of your property.
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Tenants Stay for A Long Time:
Tenants who live in a single-family home tend to remain there for a long time. This has also some important benefits. The first benefit is that you wouldn’t have to go through all the aggravating process of choosing new tenants. Secondly, if tenants are renting your property with the idea of staying there for a short time, then this means they’d keep your property in a good shape, without damaging anything. There’s a chance that they’d also do a little bit of maintenance work on their own instead of bothering you.
Mostly, tenants in a single-family home pay all the utility bills because they’re the only ones who use all the services. Whereas in multi-family homes, usually, the landlord pays the water bill only or sometimes gas and electricity bill.
Requires Low Cost of Maintenance:
Maintaining a single-family home is a lot cheaper than maintaining a multi-family home. This is because, single-family homes are smaller in size, so there’s very less to maintain. But in multi-family homes, you might end up spending a massive amount of money just on the maintenance and it’d be very much time consuming as well.
Single-family homes are less risky in terms of investment. First thing is that they are inexpensive, so you’d need to take a very small amount of loan, unlike multi-family homes that concentrate all your money on a single asset.
More Genuine Buyers:
Single-family homes sell faster than multi-family homes, even in a slow market. It’s easier to find buyers for a single-family home if you think that it’s time to sell. So, it’s a good choice if you choose a small family home for investment.
December 28, 2017 AT 05:32 AM
is there a big yard & privacy?