Housing is an essential commodity, but it can take on many forms. One of the most common forms is multifamily housing. Here we will discuss the advantages of multifamily housing for the property owner, as well as describe the different types of multifamily housing in Poulsbo, WA. The benefits of multifamily housing are different for each type of home, and it will differ for each tenant and landlord as to which is best for them.
Types of multifamily homes
Basically, a multifamily home is a property with more than one living unit. This is different than simply renting a room in that each unit has its own bathroom and kitchen. A multifamily home can be anything from apartments to a house with a converted attic or garage, though anything with more than four units is technically regarded as a commercial property. These units often share amenities like parking or laundry space. Sometimes certain utilities are shared as well.
Multifamily homes come in many different styles:
- Duplex: A residence that has two units connected, either side by side or stacked atop one another, is considered a duplex. Each unit will have its own separate entrance, and often the residence will have a shared yard and/or garage or parking area.
- Triplex: This is similar to a duplex, but instead of two units, it’s comprised of three units. Again, these can be stacked atop one another or connected in a horizontal row.
- Fourplex: This versatile multifamily home has configurations as a cluster on one floor or stacked two by two as two second-floor units and two first-floor units.
- Townhouse: These are separate houses attached at the side. These can be one, two or three stories tall. In some markets they are known as “row houses.”
Owning a multifamily home
Owners of a multifamily home don’t have to live on the property. They can choose to live in one unit and rent out the others, or live off-site in a different property. However, if the owner lives off-site, the multifamily home is considered an investment property, and different financial rules and regulations may apply.
One benefit of owning multifamily housing in Poulsbo, WA is that it’s unlikely to ever be completely empty, so there will usually be some sort of income coming in from the property. It’s also likely to retain or even increase its value over both short- and long-term periods.
From a maintenance standpoint, it may be less of a headache to own a multifamily home than four separate properties. For example, a handyman or construction company can attend to several issues in one call, saving the need for separate calls and saving time between repairs. Certain repairs and upgrades can also raise the net operating income of all units on the property, making them even more worthwhile.
If you’re looking to make upgrades to your multifamily housing in Poulsbo, WA, call or visit Coyote Hollow Construction today. We specialize in new construction and remodels and would love to discuss what we can do for your multifamily property.
Categorised in: Home Building