Investing in a single family home is one of the best investments in real estate. As an owner or landlord, you can overall increase your income from this real estate investment. The appeal of a home attracts more tenants, you can obtain more money from rent, spend overall less money on fixes for the property, and when you want to liquidate the processes is much easier and increased in worth. Continue reading to find out all of the benefits single family home investments have to offer.
Longer term tenants
Tenants typically will stay longer in a single family home due to the convenience a home provides. Tenants do not have to walk up long steps with groceries, they have a yard space for their children, and it is much easier to take out their pets. A home is also quieter, as people do not have to deal with neighbors living on all sides of them. Tenants can become much more attached to a home because it feels more like their "own", as they have more room and ability to do more things with greater space. Not to mention, tenants are whiling to spend more money to rent a home due to the appeal.
Less Money on Maintenance
In a home you only typically have a couple restrooms, one furnace, one of every appliance, etc. . This costs the owner having to spend less money fixing as many issues, where as a multifamily may become very lengthy in numerous issues. Homes are also typically taken better care of because tenants view a house as their home and so less damage may be taken place.
Utility Bill
In a single family home, usually tenants pay water, electric, and gas. This saves money for the owner by not having to put any money down for utilities each month.
Appreciates Fast
An owner does not have to spend large amounts of money to buy a house(opposed to a multifamily) and it appreciates in value as years go on. This creates more money in the owners pocket when they are wanting to liquidate. A home also allows the owner more freedom in the ability to futuristically liquidate, because it is easier to sell than a multifamily would be.
Overall, owning a single family home has many great benefits but it is ultimately up to the owner to decide on the kind best kind of property investment for them. Here at Top Shelf Property Management, we specialize in single family homes and believe that it can be one of the best real estate investments. The one thing that you as an owner/landlord should be certain about, is that you cannot go wrong with investing in real estate.
