Have you ever thought of investing in a multifamily home? Unlike single-family homes, these are dwellings with more than one unit that each have their own bathroom and kitchen. Interested in how this type of property could pay off for you? Read on for our breakdown of multifamily homes, including how to find them in your area.
Benefits of buying a multifamily home
The most attractive part of investing in and renting out a multifamily home is the steady revenue stream you can get from collecting rent. Most people living in a multifamily home are looking to offset mortgage payments by using the income from renting out the other unit, says Lee Kiser, principal and managing broker at Kiser Group in Chicago.
There are also tax advantages to buying a multifamily home. You can write off expenses related to your rental income and deduct the prorated portion of the mortgage interest.
Also, an owner-occupied property may be a wise choice for homeowners living with members of their family, such as their adult children or elderly parents. They can live in one of the units for a period of time and not have to fork over all their savings on rent or a mortgage.
How to find multifamily homes
Searching for available multifamily homes is simple. You can find multifamily homes through a search tool like realtor.com and filtering by property type. That’s a good place to start to see what’s available in the town you’d like to buy in….