Multi-Family Real Estate
A “Multi-Family” is a classification of housing commonly found in Cambridge and surrounding areas. Multi-Families are a staple of both city life and densely populated suburban zones. These residences include two or more separately inhabited units that are located within the same building. Types of Multi-Families include Duplexes (commonly referred to as a “Two-Family”), Triples (“Three-Family”), 6-Families, Apartment buildings, and anything in between.
Multi-Family housing is different than Single-Family housing or Condominium-style housing. In purchasing a Single-Family or Multi-Family house the new owner retains all rights to the land on their property as well as air-rights unless otherwise specified. Alternatively, a condominium does not include the purchase of land outside of the unit, but includes access to common areas that are shared with neighbors living on the same property (for example: yard space, recreational facilities, work spaces, laundry, or parking). Owners of Multi-Families may opt to provide common areas or facilities between units on the property as well, though the decision to have common space is determined by the owner of the deed rather than through voting in an association as is typical in a Condo setting.
There are many reasons to purchase a Multi-Family home as opposed to a Single-Family or Condominium. A Multi-Family is often considered the best investment out of these three options. The benefit to this is in allowing the owner greater flexibility in terms of what they can do with the additional space. The owner can opt to live in one of the units and let friends or extended family stay in other units. They can also rent out one or more units to assist with paying off their mortgage. Or, they can choose to rent out the entire building and use it exclusively as an investment property from which they can receive a steady income.
Single-Families, Multi-Families and Condominiums all offer a number of desirable features. Determining which type of residence is the right fit for you depends on individual lifestyle and personal preference. It’s important to weigh the pros and cons of housing types to figure out which residence feels just right — this is a necessary step particularly in the case of applying for loans, as mortgage specifics are determined by property type. Members of Team Patti are well-versed in the different options available and can help with your decision on how to focus a housing search based on your preferred style.
Click here to see all current Multi-Family listings on the market in Greater Boston. Use the filters at the top of the page to narrow your search criteria further to a particular area or price range. Click “More” and then “More Options” to search the drop-down menu for amenities such as “Hardwood Floors” or “Ocean Front.”