A man never feels complete unless he owns a house and the ground it stands on. And, single-family homes have helped men to derive the satisfaction. Americans, especially Floridians, are extremely fond of sprawling suburban homes. They just love the idea of single-family residences. Gradually these properties turned out to be a promising real estate investment option for many. When comparing the real estate investment options, the three broad categories which come under scrutiny are small versus large properties, expensive versus affordable properties and multi-family homes versus single-family homes.
A single-family home is a property which stations on one single unit of land, and there’s no sharing space with other families in the neighborhood. The question is why this craze and why investors find these units worthy of investment. Here are a few benefits which make single-family homes worth your consideration.
A Yard of Your Own
As the single-family homes are standalone units, homeowners have the complete ownership of their lands. This is not the case with the multi-family and attached units. Even though multi-family dwellings do have a yard, it is treated as a shared space. When these units are put on rent, the tenants might not have access to the yard and its adjacent areas. Multiple tenants occupy the same house, and there can be issues with regards to rent payments, utility bills, reimbursement of the destruction caused to the property and more. The single-family homes are devoid of all such hassles as the owner gets to deal with only one single tenant.
Often people get creative and wildly imaginative in decorating their own homes. As soon as you get a single-family home, you get complete freedom to express your desire and can do up the home on your terms. Be it as simple as getting the wall paint done, or renovating any particular portion of the house, your decision doesn’t depend on the opinion of the rest of the occupants of the housing. Additions are always a great concern while making a real estate investment. As the sole owner of the home, you can exercise your free will and get as many upgrades/modifications done as you feel like.
Better ROI – Higher Cash Flow With Less Investment
While evaluating the value of a house, three factors remain constant –age, maintenance, and area. When compared on these three grounds, the price of a single-family home is always lesser than the multi-family homes. As the real estate investors keep hunting for a lucrative option, the single-family homes prove to be convenient. If you plan to apply for a bank loan, lower price increases the chance of getting a loan. Often investors plan to buy a house and then put it out on rent. Since the single-family homes have a lower price index, getting the tenants get easier too.
Ultimately, it is the investor’s preference, budget, and strategy which will determine whether they will go for single-family homes or not. After all, home is where we all find bliss. So, follow your heart, when choosing your housing option. And if you decide to build on your lot, contact us here. At All State Homes, our highly qualified team of architects and construction workers brings years of experience into the making of your single family home.