I am planning to buy a house in upstate ny ( probably rochester) but confuse if i will go for a single family or miltifamily house. there is no big diffirence in the asking price. Are there a lot of renters in rochester ny???
2007-06-18 09:42:24 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
For a first time homeowner, a single family is probably the better move, as there are a lot of things about being a landlord that you have to learn. The question is that the price of the two properties are the same? Does that mean that the single fam is in much better shape, or is it possible that the single fam is over priced? Keep that in mind when you make a bid on the properties.
2007-06-18 10:01:04 · answer #1 · answered by redwine 6 · 0⤊ 0⤋
Once you know the purpose of your purchase, then you will be able to answer the question.
As I am writing in England I have no idea of Rochester NY but the clue to your question may be in rental charges. The law of supply and demand. If they are high then people are seeking to rent. If they are low then either there are plenty of places to rent or there is a cap.
I would hazard a guess that the single family house would be easier to manage than the multifamily house, but the multifamily house maybe more remunerative. That is why I say you need to know what you want from your investment as in the end it is only you who can answer the question.
Local papers and local radio stations are usually good sources of information, and they will give the best clue where to buy.
2007-06-18 10:13:15 · answer #2 · answered by d00ney 5 · 0⤊ 0⤋
Living in the midwest, there are plenty of people looking to rent, as is all over I bet, but if you buy a multi-family home, won't you be giving up privacy for yourself? Sis bought a duplex and lived in one-half and rented other half. It was like people sharing your own house. Noise was relentless! BUT the income helped make their payments and now live in a single family home..happier. Don't forget to ask a realtor his/her advice. Good luck!
2007-06-18 09:57:33 · answer #3 · answered by dawnUSA 5 · 0⤊ 0⤋
go with single family...
multi family..if you rent it out..can be headaches..
you will have to worry about rent coming on time. and them paying what they are supposed to..and even with signed contracts..its hard to get them out if they are not paying! plus you dont know what kind of people you are getting.. you can never screen someone well enough to trust them. unless maybe it was a family friend or something
2007-06-18 09:50:46 · answer #4 · answered by Florida~Girl 3 · 0⤊ 0⤋
Id go with the single family, if all else is equal. Negatives to multi-family- you can hear your neighbors, you have to put up with your neighbors crap, resale tends to be harder. Positives to multi-family- they tend to be cheaper. Since this one is not cheaper, I dont see any real benefit.
2007-06-18 09:50:48 · answer #5 · answered by bmwdriver11 7 · 0⤊ 0⤋