If you are thinking about owning a piece of property to live in while wanting to have an extra section to help pay the bills, then you will find that there is an effective way to do it. Today, many people are considering the idea of buying a multi-family home, because this allows you to have your own space for you and your family while getting extra income from renting the other apartments. Keep in mind that as advantageous as this is, there are a few points that you have to consider.
1. Keep in mind becoming a landlord will require some extra work. When repairs are needed, or a tenant does not pay the rent it can cause some unwanted worries. This being said it can also be a great way to start off allowing you to live, in some cases, rent free while getting monthly income to help pay down your mortgage.
2. In choosing the right tenants, think like you are running a business, as you will be collecting an income from the home you are renting. Take the time to choose the right tenant, a credit check, otherwise you might find yourself in a situation where you will be losing money if your tenant does not pay up at the end of the month. If you are willing to put in the work, purchasing a multi-family home can be a great way to invest.
For more information on purchasing a multi-family contact your Coldwell Banker Upton-Massamont REALTOR today. Our agents are live and work in the Pioneer Valley and look forward to assisting Buyers find just the right home.
To start your search click HERE to see all the multi-families available in Franklin County, MA
To start your search click HERE to sell all the multi-families available in Hampshire County, MA