Kathy Borawski's Blog
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:
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.
55 Winterberry Lane, Northampton, MA 01062
Shopping for a home is an exciting time for any hopeful homeowner. After weeks of scouring listings looking for the perfect home in the ideal location for you and your family, it can seem like you’ve found the needle in the haystack.
When it’s time to go visit that home, it’s easy to put on rose-colored lenses and overlook issues that should, at the very least, be taken into consideration when it comes to deciding whether or not you should make a bid on the home and how much you should offer.
Today’s post is all about preparing you for that first viewing. We’ll give you tips on what to look out for and how to factor these things into your equation when it comes to making an offer.
Check the listing for omissions
Even if a home looks perfect on paper (or on its website listing), it’s still quite likely that there are things you’ll want to know about before considering an offer. A home listing should attempt to address several questions you might have. But ultimately, it’s main goal is to attract interest in the home.
So, what type of things should be in the listing that the seller might leave out?
Poor street conditions, heavy traffic, and blind driveways are all things that will factor into your decision but most likely won’t be mentioned in a listing
Odors of any kind can be off-putting and difficult to remove. Some homeowners may not even know that their home has an offensive odor if they’ve become used to it.
Room omissions. If the home is listed as having two bathrooms but there are only photos of one, this could be a sign that there are problems with the second bathroom that the seller doesn’t want you to see quite yet.
Top dollar home repairs
A professional home inspection will be able to give you an idea of the kind of money you’ll need to spend on renovations in the coming years. But why wait? When touring a home, ask questions about the last time important renovations and repairs were made.
Roofs, septic systems, and electrical work are just a few of the things that are expensive to repair or replace. If the previous homeowner has a small family or lives alone and you plan on moving in with a houseful of kids, you might find that your impact on the septic and electrical systems of the home are too much for the house to handle. You’ll want to take this into account before considering a bid on the home.
The cost of heating a home in the winter and keeping it cool in the summer can be hefty if the home isn’t properly sealed and weatherproofed. Ask the current homeowner what they spend per month on utilities to get an idea of what you might be spending.
Then, take a look at the windows and doors. Cracks, malfunctioning locks, and worn weatherstripping are all signs that the home will need some work to be energy-efficient.
Don’t ignore the little things
Small fixes may not seem like a big deal when viewing a home. They can even deceive you into thinking that you’re getting a good deal by buying a fixer-upper for a price that’s lower than the market average.
However, it’s important to keep in mind that small fixes around the house are a sign that bigger problems are also being neglected. Don’t be too quick to assume the house will be a good deal before getting it professionally inspected.
309 Hadley Street, South Hadley, MA 01075