Selecting a house that’s a great investment
Thinking about what kind of property best suits your next investment? Cripps Realty is here to help you differentiate the 2 kinds of property that you can choose from.
The first one is called a single-family home which is more of a typical home with 1 kitchen, 1 or more bathrooms, and bedrooms. They can be fully detached, a townhouse, link, attached to the garage, semi-detached, a cottage, or a lot home, as long as it’s one unit.
Single-family home is good for short-term rentals and causes less headache due to complaints and noise which result in bad reviews.
Benefits:
- Fewer complaints (both for short and long term rentals)
- Less noise (no other family to share the spaces)
- They are paying their own utility bill
- They do their own maintenance
- They stayed longer (less headache)
Drawbacks:
- No one to help in paying the bills and payments unlike multi-family homes
A multi-family home, on the other hand, is basically a home with 2 or more units. Most likely it will have 2 or more kitchens. It can be a duplex, a triplex, or a commercial property.
Benefits:
- Since it can cater to 2 or more families, you can gain extra cash compared to a single-family home
- Tenants can share their payments
Drawbacks:
- It’s a bit more to manage
- Not great for short term rentals
TIP: Research! Research! Research! Do your research before selecting what type best suits your next realty investment
Also, you may want to check out our social media accounts where we update our latest listings which might be the perfect home/new realty investment for you. 😊
