Depending on your lifestyle and your homeownership goals, the American Dream may look different. While some prefer a traditional neighborhood with a big yard (with welcomed and unwelcomed yard work) and a white picket fence, others dream of the day they can own their very own multi-family residence. If you don’t know what a multi-family home is, the advantages are worth a look.
A multi-family residential home is one where multiple separate housing units are contained within one building or clusters of several buildings within a complex. Units can either be next to each other (side-by-side units) or stacked on top of each other (top and bottom units).
There are currently over 70 multi-family residential listings available on REIN.com. These properties range from duplexes to triplexes to quadraplexes. As we are sure you’ve already guessed; duplexes have 2 units, triplexes have 3 units, and quadraplexes have 4 units. Depending on the area, the properties are either side by side or stacked on top of each other.
In Hampton Roads, property types such as these are usually clustered in beach areas or more urban districts. To that note, multi-family properties are much more common in areas of Norfolk and Portsmouth than Virginia Beach or Newport News. You will often times see them clustered in beach communities such as Ocean View in Norfolk and the Northern End of Virginia Beach where land is a hot commodity. If you are looking to live a more urban lifestyle, areas of Norfolk or Portsmouth’s Park View are prime real estate for a multi-family property.
Here are a few reasons to consider a multi-family property:
- Rental Income: It is not uncommon for people to purchase the entire duplex – live in one side and rent out the other. In most cases, you will find the rental income actually pays for the majority of the mortgage. Talk about an investment!
- Liability & Responsibility: With triplexes and quadraplexes (sometimes referred to as quadravilles), owners may find themselves with an HOA or a POA fee. If you can handle the monthly or sometimes yearly fee, the communities will take care of the grounds, trash, water, and maintain the exterior features of the home such as the siding, gutters, and even the roof!
- Cost Effective: With the median sales price being significantly lower than a single-family residential property, these homes are a little bit more affordable, especially if you are a first-time homebuyer or a property flipper.
Use REIN.com to search for all Residential, Rental, and Land properties in the Hampton Roads area. The “Type” field can better help you determine which property type you want to focus on. To make things easier for you, here are the multi-family properties for a few cities in the 757. When you find a home of interest, don’t forget to save the listing, submit a request for more information, or click “Share This” to email the property to the agent of your choice. Work with one of our 8,000 agents to narrow down what you need. If it’s a question of what you can afford, check out our mortgage calculator to help estimate your monthly payments.
Start with the Source. Share the Source. REIN.com.