Skip to content

The World's 1st Blockchain-enabled Title & Escrow

Here Is Why a Single Family Residence Is Better Than a Multifamily One

Here Is Why a Single Family Residence Is Better Than a Multifamily One

Are you deciding between a single family residence and a multifamily one? Well, here are some aspects to keep in mind while you make your pick.

Privacy Is Better in a Single Family Residence

Single family homes offer a great deal of privacy. There are no shared rooms, walls, or doors. The entire structure is in a neighborhood; however, there is ample space. There is some distance between you and your neighbors, and this means more privacy, compared to a multifamily residence. If you need privacy, then go for a single family residence.

Purpose

Generally speaking, buyers purchase single family homes to live in them. Thus, when you buy a single family home, your intent might be to live in it with your family. On the other hand, most multifamily homes are purchased for investments. The idea is to rent it out to two or more families, depending on the space, and to get a regular stream of income from the investment. There are also situations when the owner might live in one unit and rent out the others. However, in most cases, people perceive multifamily homes to be investments. So, if you want to move in right away, a single family residence might be your choice. If you are looking to invest a larger sum of money, then you can consider multifamily homes.

Mortgage

The mortgage amount will vary between single and multifamily homes. When it comes to a mortgage loan, lenders will see both these properties differently. While getting a mortgage loan for a single family residence, the income potential of the owner and his or her credit score are main considerations; however, in the case of a multifamily home, the income potential of the property is another consideration.

So, these are some factors to keep in mind while choosing between a single family residence and a multifamily home. Mostly, it depends on your preferences.

Read Propy Review: The Easiest Way to Buy property.

Related Articles