Whenever someone mentions the American Dream these days, visions of a white picket fence inevitably emerge, and this is often associated with a single-family residence. Although this was hardly what the early European migrants had in mind when they arrived in the New World, somehow the symbolism of the American Dream came to include detached single-family homes with enough surrounding land to install a white picket fence. For many young people chasing the American Dream, the idea of a white picket fence around a private yard is inconsequential. The reality of buying a condo for sale in Irvine or a similar affordable multifamily property becomes more attainable and attractive for various reasons.
Multifamily properties have been part of Irvine’s residential development ever since the Irvine Company was incorporated in the early 1970s. In fact, the strong demand for more housing units that has been felt since 2010 has prompted builders to focus on multifamily housing solutions. To determine whether you’re strictly a white picket fence person or someone who will enjoy multifamily dwelling situations, consider the following.
Attached Versus Detached
In the mortgage and real estate worlds, multifamily properties are considered to be attached, while single-family homes are detached. This distinction determines several aspects related to financing, closing, and transferring property title. Most of the time, mortgage banks consider detached properties to be more attractive collateral, but this doesn’t make them easier to get to closing. Attached homes may require a bit more paperwork, but this doesn’t normally slow down the closing process. Since it’s easier to file a mechanic’s lien on a detached property, closing on a single-family home may even be more complicated in some cases.
Investing in Multifamily Homes
All homeowners are property investors at heart, and this adage applies even more strongly when multifamily properties are involved. For example, buying a duplex could be a profitable situation for a real estate investor who wishes to become a landlord while still being an occupant. The only downside to this situation would be living so close to your tenants, but you can also explore the option to move out and rent all available units.
For the most part, multifamily living tends to be more affordable, particularly in populous metropolitan areas such as Irvine. Attached units aren’t always rentals. In some cases, they can be titled separately in a townhouse-like structure with some common covenants that unit owners are expected to follow in terms of maintenance. From Central Park West to Woodbury East, Irvine townhomes for sale can be a great way to buy in Irvine when you have a modest budget.
In a planned city such as Irvine, multifamily housing is strategically developed so residents have easier access to urban or suburban comforts such as shopping and entertainment districts, schools, parks, and city services. Multifamily units tend to be of smaller square footage, thus making them easier and more affordable to furnish and maintain. There’s a good reason senior citizens are more likely to seek multifamily homes: they’re looking for convenience during their golden years.
Multifamily homes are extremely common today, and with the huge variety of sizes, prices, amenities, and locations to choose from, they’re popular choices for many home buyers. If you need help deciding whether a multifamily home is right for you, reach out for advice from the experienced professionals at Irvine Residential Living. Our specialized expertise focuses on Irvine real estate, so call today at 714-454-6304.