Are you planning on purchasing a new rental property in Atlanta during 2021? If so, you may be considering investing in a multi-family or single-family property.
Both property types have their pros and cons, and you want to get the best return on your investment possible. This is why in this article, we will breakdown multifamily vs. single family and offer you tips to consider for both investments.
Why Invest In Multifamily?
Multifamily properties are great because, the United States has turned into a nation of renters and people like multifamily properties because they are often close to the city and don’t require the same responsibilities as single family homes.
Another benefit about owning a multi-family property is that maintenance is also easier as well because, if you have multiple units that need maintenance or repairs, you can send your maintenance crew to one location, instead of having to dispatch your maintenance crews to multiple locations.
Besides the practical benefits that come from owning a multi-family property, the best benefit of all is that if you were to have a vacancy in one of your units, you can always depend upon having your occupied units cover your mortgage and expenses.
Contrast this to owning a single-family home where if your tenant moves out of your single-family home, that property is going to sit vacant and not earn money until you find another tenant to live in that property.
Why Invest In Single Family?
Single-family homes will always be popular and in-demand here in the Atlanta area, and across the United States.
Many renters prefer single-family homes because most offer a front yard, backyard and a driveway.
When you own a single family home, you can also enjoy a wide variety of tax benefits, keep in mind as we mentioned above that when you have a vacancy you're going to be responsible for having paying the mortgage and other expenses on your property until you find another tenant.
The same is true with maintenance, if you own multiple single-family properties, and they all need maintenance, you're going to have to hire multiple contractors to work on each property individually.
Which Option Is Better?
Ultimately, your decision to invest in a multi-family or single-family property is up to you. Before investing in either property, make sure that you do your due diligence so that you can purchase the best property possible.
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