A Multi-Family Home

3 Ways A Multifamily Home Will Save You Money

by Arnold Gomez

Whether you are looking at apartments, condos, or duplexes, there are several ways that buying a single unit in a multifamily home will reduce your long term investment costs. 

Heating and Cooling Costs 

Since you will share either a wall or a floor or ceiling with another unit, your heating and cooling costs should be naturally lower. This is because the other unit acts as a large insulation barrier to the outdoors. The time when this is not the case is when the unit that is neighboring your unit is not being used and so does not have heating or cooling currently running. Then, because your interior walls are likely to have less insulation than your exterior walls, you may lose more energy to the neighboring unit. To avoid this, make sure you buy or rent a unit in an area where people live year round, as opposed to a vacation area. Also, check out the turnover of neighboring units and how often they remain empty. 

Siding or Roofing Costs 

If you are next door to another unit, then you will save on at least one wall whenever you have to replace your siding or paint your home. By replacing your siding at the same time as your neighbor and using a single contractor, you may be able to get a discount for large jobs, reducing your cost even further.

If you have neighbors above or below you, you will pay only part of the cost of roof repairs and updates instead of footing the entire bill yourself. By sharing the cost of these major repairs with many other families, you can reduce your long term financial commitment to your home. 

Lawn and Garden Maintenance 

While your yard in a duplex may be just as large as the yard of a single family home, you will only have three exterior walls to maintain. This means that close trimming that often has to be done manually and takes more time, is reduced, while you still have plenty of space. 

In an apartment complex or a condo, your yard space is likely to be less and is usually maintained by the home owner's association. However, these dues will likely be less than the cost of hiring a private gardener for a single family home. 

If you are looking for a home for your family and are not sure whether you want a stand-alone or a multifamily home, consider the ways a multifamily home can save you money. Contact a business such as Prime Realty for more information.