Learn about multi-family homes and why they’re a great investment.
Real estate remains one of the best types of investments. When you invest your wealth in real estate, you get the chance to see it appreciate over time and make back your investment through a passive income. A multi-family home makes for a great real estate investment, but what is a multi-family home, exactly?
What Is a Multi-Family Home?
The short answer is that a multi-family home is a building with at least two housing units. Each residence has its own address, and these residences are typically rented out rather than owned unless it is a condominium.
Types of Multi-Family Homes
A brief guide to types of multi-family homes is as follows:
- Apartment complex: At least five housing units combined into one building. Residents typically share amenities, such as a gym, swimming pool, parking lot, and recreational center.
- Townhouse: A townhouse typically has three stories and shares at least one exterior wall with a neighboring townhouse.
- Duplex: A duplex is one house that is split into two housing units. Each unit has its own exterior entrances, and these units are typically inaccessible from each other.
- Semi-attached house: Similar to a duplex or townhouse, a semi-attached house is a single-family home that shares one exterior wall with another single-family home.
Benefits of Investing in Multi-Family Homes
When you invest in a multi-family home, you get several advantages.
One is that you can live in one of the units. If you would love to live in that area and building, you get an investment and a new home. You will also have more control over property maintenance if you decide to take on landlord responsibilities rather than hire a property management company.
Another benefit is that you have more flexibility with your passive income. You will get to choose more tenants when you rent out multiple housing units. That leads to a greater passive income, which is yet another perk of investing in a multi-family home.
You may also qualify for tax benefits, which will give you a break when managing your investment.
See How Clagett Enterprises Can Help!
If you are looking to get a mortgage approval for, purchase, or manage a multi-family home in Maryland, Clagett Enterprises is here to help!
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.