Design trends are constantly evolving, as are the styles of homes that people are in the market for. Depending on the economy, family styles, investment strategies, and other factors in the market, certain styles of homes may appeal to home buyers more than others at any given time.
Recently, multi-family homes have become increasingly popular. Whether you’re looking into multi-family homes as an investment or as an option for your family’s residence, read on to learn more about multi-family homes and the builders who make them.
What Is a Multi-family Home?
Multi-family homes, not to be confused with multi-generational homes, are single structures that feature separate residences that can comfortably house more than one family. Multi-family homes must have separate living spaces, kitchens, bathrooms, and utility meters for each unit. In addition, to be considered a multi-family home, each unit must have its own private entrance.
According to the real estate definition, as long as they contain four units or less, the following types of homes all fall under the category of multi-family homes:
- Small apartment buildings
What about homes with carriage houses, second stories, or finished basements that meet the above qualifications? Unless the units have different legal addresses, they cannot be considered multi-family homes. The key factor for multi-family homes is that they offer completely separate living spaces for families.
Why Build a Multi-family Home?
Given their unique features, multi-family homes are not for everyone. The most common type of multi-family home owners are real estate investors. Multi-family homes are good options for beginner investors who are looking to build a structure that can help get their feet wet in the real estate industry. In fact, novice investors often live in one unit and rent out the others.
Whether investors choose to live in their multi-family home or not, they bring in rental income. Experienced real estate investors often like purchasing multi-family homes, as they can profit from multiple units within a single purchase.
Other types of people who might consider building a multi-family home are multigenerational families, such as families with elderly family members or college-age adults who are living together. However, for those types of families, it’s important to keep in mind the difference between multi-family homes and multi-generational homes. Unlike multi-family homes, multi-generational homes are single residences that are constructed to optimally house several members of the same family. They typically don’t include separate kitchens, living spaces, entrances, or addresses. Some multi-generational families prefer the increased privacy and separateness of multi-family homes.
What Should You Look for in a Multi-family Home Builder?
The popularity of these kinds of homes have made multi-family home builders popular throughout the market. While this surge is great for the market, it can be bad for consumers who aren’t sure how to distinguish experienced builders from subpar multi-family builders looking to make quick money off uneducated consumers.
To ensure that you’re working with an experienced, reputable builder, look at the builder’s history and experience in your area. They should be experienced in building not just multi-family homes but also other kinds of homes and buildings. They should offer aesthetically pleasing elevations, thoughtful designs, and customization options. They should be willing and able to answer all of your questions and have positive client reviews.
The most important factor in the home building process is that the builder you work with understands the needs and goals of your specific project. When you choose to work with Paradisa, our Austin custom home builders offer the design savvy and building experience to bring your multi-family home dreams into reality.
Paradisa multi-family homes can be fully customized for the needs of our buyers. Whether you’re an investment group or an individual looking for the perfect builder for a multi-family home, Paradisa offers expertise and quality design. Contact us today to learn about our approach and process for multi-family homes.