In my post on property types, I briefly mentioned multi-family properties, but did not go into much detail. Since posting, I have had several requests for more information specifically about multi-family properties, so I figured I would post some more information, here.

A multi-family property is exactly what it sounds like. It is a property, generally a house, which is built in such a way that it allows multiple families to live within it in their own, separate “house.” These properties have become a very common option, as they allow families to pool their resources in these tough times. So while you may not qualify for the house you want in the neighborhood you love, you and your sibling might be able to buy a nice two family home. This would allow you and your family to have your own home and your sibling and family to have their own home. It is also a popular option for families who take on aging parents, who either are incapable of, or are unable to afford, living alone, and for families who need to take a child and their family back in.

The economy has created a plethora of new challenges in every facet of life. But it is, perhaps, the most pronounced in the home. And with the changing dynamics of generations and relatives living together in ways not previously seen, the multi-family home is a great option to have your own space while pooling resources and taking care of others who may need it.

And in most cases, the financing is handled in exactly the same way as a single family residence. So if you are thinking about multi-family houses and want to see how the numbers would look for you and your relatives, please contact me and I will help you find out exactly what you qualify for. If you have anything else to add about multi-family properties, please leave a comment.