One of the first decisions you must make when buying a NoVA home, is what type of residence you want to invest in. While a house or condo may be the primary housing categories that come to mind, they certainly aren’t your only option. Sometimes the best investment is in a multi-family residence.
You Can Rent Out The Other Units
Every property varies, but the price per square foot of a multi-family property is often between 50 and 70 percent less than buying a single-family home. This often results in a buying price that is several hundreds of thousands more—but if you rent out the remaining units it could certainly be a strategic investment. Becoming a landlord is certainly not something to take lightly, but if you are up for the responsibility you may be able to pay your mortgage off significantly faster.
It’s A Cost-Effective Family Investment
Living in the duplex next door to your family, or even in the same building isn’t for everyone—but for some is ideal. For example, you could purchase a duplex and move your aging parents in next door. You would each have your privacy and independence, but would only be a few steps away from one another. Some families even invest in a fourplex or building together, either to rent or own. If you decide to purchase a more traditional home, consider if you want one that has a grandma house or finished basement that you can rent out—or at least have a loved one move into if needed.
You Can Rent Out All Of The Units
You may not care to live in the same building as your tenants, but if you plan on investing in real estate consider the benefits of a multi-family residence versus a single residence. There is not only the potential to increase your monthly income, but you can do so by investing in one property instead of many. Even if an apartment building isn’t in your budget, you may be able to find a mortgage appropriate for a small building with multiple residential units—and maybe even a commercial space or two.
Looking For A New Home In Loudoun Or Fairfax County?
If you are looking for a new home in Loudoun or Fairfax County, please let us know! We are a tenured team who has served NoVA for over 40 years. We can help you find a comfortable single or multi-unit residential property, in the Nova city you desire.