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A multifamily home is defined as a building that has more than one unit. Each unit has its own separate kitchen, bathrooms, and utilities. These types of homes can be rented, owned, or be an investment property where a landlord collects rent.


A multi-family home is a more economical way of living. Because there is less privacy and tenants or owners are living in proximity to others, the cost is usually less. If you live in a multifamily home, you may not be responsible for things like exterior maintenance or landscaping and lawn care. The landlord may hire an outside company to take care of these tasks. 


Multifamily Home Designs


Multifamily homes come in a variety of designs. You may pass by houses that more than one family lives in and don’t even realize. Types of multifamily dwellings include:


Duplex

Condominiums

Apartments

Townhouses


These designs could have anywhere from two families to hundreds of families living in them. Duplexes, condos, and townhomes tend to have owners rather than renters. Apartments are usually seen as a property type that is leased. Some properties are stand alone while others are part of a complex. Your choice of where to dwell or invest in a multifamily unit all depends on preference. 


How Costly Are Multifamily Properties?


For those who don’t like to deal with yard work or maintenance, living in a multifamily unit could be a great choice. You may have to pay monthly HOA fees or other maintenance costs, but everything is taken care of for you. These fees may even cover maintenance inside of your unit. 


If you are investing in a multifamily unit, the costs can get a bit more tricky. While you will know the cost of the mortgage and insurance, the monthly expenses to maintain the property are always unpredictable. These costs all depend on what in the property is under warranty and how old the property is. Older homes will need things like new furnaces and roof replacements. It can be tricky to know exactly how much to charge for rent to actually make a profit as a landlord. 


Keep in mind that if people are renting from you, you’ll need to replace things like appliances, carpets, and flooring each time a tenant moves out, and a new one moves in. It can also be challenging to deal with tenant problems on a day-to-day basis. Be sure you know what you are getting yourself into if you decide to invest in a multifamily home. 


Overall, multifamily homes can be a great housing option for many families because of the simplicity and cost-effectiveness.               


This Single-Family in Lynnfield, MA recently sold for $704,000. This Split Entry style home was sold by Office Malden - RE/MAX Trinity.


50 Lowell Street, Lynnfield, MA 01940

Single-Family

$729,900
Price
$704,000
Sale Price

8
Rooms
3
Beds
3
Baths
Professionally painted interior is only part of what this meticulously maintained oversized sun filled Split Entry home has to offer. Also a spacious EIK w/custom Quaker Maid cherry cabinets, granite counters,convection range & dbl oven. Hardwood flrs through-out the 1st flr enhances the bright & comfortable living rm w/ bow window & fireplace. A large formal dining rm w/cathedral ceiling, skylights & slider that opens to a 3 season rm. Three large bdrms featuring a spacious master suite w/lrg dbl closets, full bath & exercise/sitting/nursery rm w/cathedral ceiling, slider, skylights & private deck. Finished LL w/ bar area & full bath w/Jacuzzi tub. 2 car attached tandem heated garage w/ separate 3rd garage. Professionally landscaped w/private well irrigation. New 4 zoned heating system w/ transferable warranty & ctrl A/C, recently updated roof, deck & windows & newer 3 bdrm septic system. Enjoy sitting on the deck overlooking the private fenced in back yard on 1.38 acres of land.

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This Condo in Boston, MA recently sold for $599,000. This Low-Rise style home was sold by Office Malden - RE/MAX Trinity.


496 E 3rd Street, Boston, MA 02127

South Boston

Condo

$599,000
Price
$599,000
Sale Price

4
Rooms
2
Beds
2
Baths
This East side 2 bed 2 bath offers hardwood floors, an open floor plan that is great for entertaining, Bosch appliances including a gas stove, a working gas fireplace and a washer/dryer. The master bedroom is a great size with en-suite bathroom featuring double sinks. Private outdoor space, NEST Thermostat, central AC, built-in surround sound and additional storage in basement are just a few of the perks! Don’t miss out on the amazing location in South Boston-walking distance to everything!

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44 Saint Jean Ave, Leominster, MA 01453

Single-Family

$295,000
Price

7
Rooms
3
Beds
2
Baths
Lovingly maintained ranch waiting for you! Beautiful hardwood floors, good size rooms, eat in kitchen with sunny and warm dining room with sliders to deck. House has everything you need including an attached garage into a sunroom that leads into the kitchen. The hardwood floors are in excellent condition throughout. The bathroom has plenty of storage with a tiled floor & shower with a laundry chute to the basement! The basement has 10 foot ceilings & could be finished for additional living space. There is a cedar closet in the basement. Heating system is about 6 years old. Heating system provides the hot water but seller added an additional water heater so there will always be hot water. House has security system, attached garage with garage door opener, beautiful landscaping and all on a side street with easy&quick access to major highways, grocery stores & shopping.
Open House
No scheduled Open Houses

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This Condo in Melrose, MA recently sold for $461,000. This 2/3 Family style home was sold by Office Malden - RE/MAX Trinity.


55 Crystal St, Melrose, MA 02176

Condo

$459,900
Price
$461,000
Sale Price

4
Rooms
2
Beds
1
Baths
New condo conversion just wrapping up! Move in and Relax! Super convenient location with an easy walk to wonderful downtown Melrose, Wholefoods and public transportation. Wide open floor plan great for entertaining and todays modern lifestyle. Brand new designer kitchen and Bath! Brand new heat and on demand hot water plus tons of other updates… Deeded one car garage underneath (plus an additional spot outside..) and large storage area in basement. Come see these wonderful units before they are gone...

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