Many Americans live in multifamily rental properties, such as apartments and duplexes. Although renting a unit in a multi-family property may be beneficial to some people, many families desire to purchase single-family homes. Here are a few reasons why.
The rental units of an apartment building are leased for a term. After that period, tenants either renew their lease or move out. As a result, apartment dwellers may notice a continual turnover of neighbors.
With a single-family home, home occupants are more likely to buy their property. Thus, they may tend to live in their homes longer, allowing relationships to develop among long-term neighbors.
For families, knowing their neighbors for prolonged periods can help them feel safer. Adults who live in adjacent homes and have proven trustworthy can help keep watch over the area kids as they play outside. Additionally, over time, the children have the opportunity to form deep friendships with other kids who live nearby. Neighbors can also form a neighborhood watch group to deter criminal activity.
With a rental unit, the property owner may restrict the types of design changes that a tenant can perform. Some owners may not allow tenants to paint walls, make changes to construction, or even plant shrubs on a property. The tenant must leave the unit in the same condition throughout the lease. If an appliance or other item in the rental unit breaks or malfunctions, the tenant may even be restricted from selecting a repair option on their own.
On the contrary, the owner of a single-family property can make changes as they see fit, as long as they do not violate any local property codes. Thus, room colors, decor, and repairs are left to their own discretion. Many people prefer to have the design freedom to keep up with current trends and make changes that align with familial changes, such as the welcoming of a new baby.
When you rent an apartment, you are often required to supply a deposit that is held until the end of your lease. If you leave the property in its original condition, the deposit may be returned to you. However, if upon inspection, the property is deemed damaged; the owner retains the deposit. At any rate, no equity accrues for the tenant.
As the owner of a single-family home, you can build equity as the property's value exceeds what you owe on the property's mortgage. This equity may be recovered when the property is sold.
To review available single-family homes for sale in your area, schedule an appointment with a local real estate specialist.