When it comes to buying a home, you might be surprised by just how many options you have. You don’t have to consider the traditional single-family home if it’s not right for you. There are multi-unit dwellings popping up all over the place, and they might offer just what you need.
What is a multi-unit dwelling? These are buildings or homes that house more than one family. They’re commonly apartment buildings, townhomes, and condos. There are a lot of pros that come along with a multi-unit dwelling, so let’s consider if a multi-unit dwelling is right for you and your needs.
Why Live in a Multi-Dwelling Home?
The tried-and-true American dream is the single-family home with the big yard and white picket fence, but times are changing. That single-family home isn’t all it’s cracked up to be, and more and more people are choosing multi-home living.
As more and more people choose to live in apartments and other multi-family homes, this is likely going to become the norm. In addition, as more people (particularly young people) choose to move to more urban areas for job opportunities, the demand for multi-unit homes will only rise.
The pros of living in a multi-unit home:
- Location – Multi-unit dwellings are usually in more urban, exciting areas. You’ll likely have a shorter commute, more job opportunities, and more local options for restaurants, entertainment, and so on.
- Amenities – Because multiple families live in one building, there is a greater chance you’ll have shared amenities like a gym, pool, spa, or other fun things. This could save you money if you plan these expenses into your budget already.
- Less Maintenance – While you’ll likely be responsible for maintaining your own home (unless you’re renting), the communal areas and outdoor spaces will all be managed for you. This is a huge money and time saver!
- Community – Living so close to your neighbors does have some perks. First, there will always be someone nearby if you need help, and this could add an extra layer of security. Additionally, you can involve yourself in community and local events within your dwelling.
- Cost – Finally, multi-unit homes are generally more affordable, especially to first-time buyers. If you pay attention to the location and the housing market, this could be a smart investment.
When Shouldn’t You Live in a Multi-Unit Dwelling?
However, a multi-family home isn’t for everyone. You might not like apartment living, and it’s true that there are some major drawbacks to living in such close quarters.
It’s important to think critically about your long-term goals and your expectations before considering a multi-family home. The grass is sometimes greener on the traditional single-family space.
Cons of living in a multi-unit dwelling:
- Privacy – The biggest con is being so close to your neighbors. You’ll likely have shared walls, floors/ceilings, and common areas. This could be a privacy and noise issue at times. If you don’t get along with your neighbors, this could become a problem.
- Monthly fees – Those amenities we talked about earlier aren’t usually free. You’ll likely need to pay monthly maintenance fees, so this will need to be built into your budget.
- Urban Setting – Finally, living in a more urban area isn’t always ideal. You might wish for more greener areas and outdoor spaces, as well as some quiet.
What Type of Home Is Right For You?
Ultimately, you have a lot of options. There is no “right” choice when it comes to multi-unit vs. single-family homes. The right choice is the one that fits your budget, lifestyle, and goals.
Now that you know the pros and cons of multi-family dwellings, you’re ready to make the best decision for you. Don’t fall for the idea that the best home is a single-family home. Many Americans are falling in love with their multi-unit dwelling and the benefits they bring.
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