Single family homes are those homes which are inhabited and used as a single dwelling. In this article, Zack Childress, a real estate investor, reviews the pros of single family homes.
Longer duration of lease
The lease period is longer. Most of the renters who rent single family homes are doing so to save some bucks. Thus single family homes are great sources of income for many people and provide a good return on investment.
Before the onset of heavy industrialization, people lived more and more in multi-family dwellings. With the onset of the industrialized era, economical growth became better and the affordability factor of people increased. As a result of this, more single family homes have cropped up. Nowadays, people value privacy more than anything. This is suitable especially for young couples.
In a single family home, there is more space in terms of garage, attic, basement and square footage. There is more outdoor space for children to play and also to do gardening. If you are someone who is looking out for space to store your huge collection of bikes, toys, furniture, clothes and other recreational items, then single family homes is the best option for you. Also Psychologically, You feel more spacious in a single family home since the entire space is for you.
More space for families
If you want a home, where after some years, you are going to have your aged parents stay with you, then, you should go in for a single family home. Single family homes can be a great place for parties, family reunions and other recreational activities. Also, if you have 3 or more children, single family homes can be a better option for you
You can have private recreational activities like starting a club, gardening, yard sales and vacations in your own homes. You can arrange parties in your home and celebrate. This will not disturb others and you will enjoy yourself. In a multi-family home, even if you have walls to separate the dwellings, the thin walls cannot obstruct noise from being transported across. This will trouble others and will pave the way for unnecessary quarrels and complaints.
Lower property taxes
Single family homes have lower property taxes as compared to multi-family homes. Property taxes take up a chunk of your other housing expenses. Thus lowering of property taxes will help in saving money.
Single family homes when maintained well ensure a very good resale value. People who are planning to sell their properties after a few years can go in for single family homes.
No fights and squabbles
Tenants of a multi-family home are highly prone to fighting since they share common facilities and common areas. But, there is no danger of quarrels in single family homes unless it becomes a issue with the entire street or area.
Single family homes have privacy, more space and personal freedom. Also the cost of managing single family homes is lesser as compared to multi-family homes. To get a better insight into the advantages of single family homes, read the article on pros of single family homes by Zack Childress, a real estate investor. In this article he shares,
some of the cons of single family homes
- vacancies can hamper rental income
- home association fees
- cost of maintenance
- cost of amenities
- personal freedom can be costly and tiresome sometimes
- privacy can be risky
- difficult to sell
Vacancies can hamper rental incomes:
The moment lease ends, the property becomes vacant and the rent stops coming in. The cost of placing a new tenant is common for all homes not excluding single family homes.
Home association fees:
Most of the homes in a locality are associated with home associations. The property owners have to pay monthly payments to the HOA which can take up a part of their expenses.
Cost of maintenance:
The cost of maintenance is higher for single family homes. The owner has to pay everything from his pockets but whereas in case of multi-family homes, the costs of maintenance is shared among the dwellers in all the homes.
Cost of amenities:
The costs of amenities like children’s play area, swimming pool, table tennis court and so on are much higher in case of single family homes. In fact it is non affordable unless the family has a very high income.
Personal freedom can be costly and tiresome sometimes:
Of course with single family homes, you have more personal freedom. You can organize family reunions, keep more pets and throw parties. But who is going to clean up after these events. It is you. You can hire a servant but still you have to spend quality time supervising.
Also, you can get friends to help you but you have to work along with them. Sometimes your valuable things may get damaged unknowingly. Say someone breaks your costly German flower vase while dancing. You bear the loss of the flower vase. If your servant damages the kitchen slab while working, then you have to bear the replacement costs.
Privacy can be risky:
In a multi family home, your neighbors become like your family members in the long run. They help you out in times of crisis but this may not be the case with single family homes.
Also, crimes are more likely to occur in single-family homes. If you go for a tour for 2 to 3 days and you cannot take your kids along, then you may not have anybody looking after the kids. But in case of multi-family homes, your neighbors may offer to look after your pets and kids until you come back.
Difficult to sell:
Single family homes are difficult to sell. There are not many who would want to buy a single family home. Only people with high incomes can afford them
Single family homes are advantageous in terms of lower property taxes, peace and space. Zack Childress brings out the pros on these terms beautifully, in this review.
Thus Zack Childress brings out the disadvantages of single-family homes with respect to privacy, costs and amenities.