When you are ready to buy a house, you might be tossing around the idea of choosing a multi-family home instead of a single-family home. Multi-family homes are typically located in communities managed by a homeowner's association (HOA), and there are often at least three homes attached to one another. In some cases, a building might have 12 or more units though. Here are three good reasons this type of home might be the right choice for you.
You want a maintenance-free home
If you are looking for a home where you do not have to do yardwork or take care of anything outside the house, a multi-family home is a great choice. As you look for one, just make sure it has an HOA. If it does, the HOA will take care of everything the house needs on the exterior. This includes lawn mowing, watering the grass, and shoveling snow. You will not have to do a thing, but you will have to pay a monthly fee which covers these expenses.
You want extra amenities
One key feature offered in a lot of communities with multi-family housing is extra amenities. For example, if you want to have access to a swimming pool but do not want to care for the pool, look for a community that has one. The HOA will clean and maintain the pool, but you will get to use it whenever you would like. In addition to pools, some communities offer a lot of other types of amenities too. You should view several communities when searching for a house so you can find one with the amenities you really want.
Most hold their value well
One other thing to realize is that homes in communities with HOAs often hold their value well, which means buying a house like this may be a great investment. Before you rush into it, though, take some time to analyze the community and its HOA to make sure the HOA is managing the community well.
If you find problems with the HOA that is running a community, look for a different house to buy. A mismanaged HOA can lead to many problems for the homeowners that live there, including a loss of value of the homes in the community.
If you are interested in buying a multi-family home, contact a real estate agent, like one from Home-Mega, to help you locate properties like this for sale in your area.