Batteries Included
With a single-family home, you’re statistically more likely to attract long-term tenants. Trying to find new tenants for any home can be difficult, and it’s critical that any tenant you do attract will respect your home and is financially stable enough to be able to pay their rent on time, every time. Single-family homes tend to attract families and couples as opposed to individuals, which can benefit you significantly. Not only are families and couples more financially stable than individuals on average, they’re also more likely to treat your property with respect and will tend to have their life anchored in their location, making it hard for them to move away on short notice. By all of these factors combined, with a single-family home, you can expect to find long-term, high quality tenants more often than any other type of home.
A Little Less Tax Never Hurt Anyone
Trying to predict the taxes and rates a property will attract can sometimes feel like a crystal ball would be just a valid a choice as a calculator, but single-family homes are typically going to attract a lower bill than larger domiciles. This could be because the detached home will be smaller on the same set of land, slightly lowering the property value, or it could be due to a variance in taxation laws dependant on how many occupants a property will allow. Either way, if you’re looking to keep costs down, a single-family home is the way to do it.
It’s Consistent, If Nothing Else
While it can be hard to predict tax rates, it’s typically much easier to determine whether or not a single-family home will retain, increase, or lose its value. Common factors tend to centre around the neighbourhood, including nearby expansion, developments, and social factors (such as criminal activity or civil unrest). So long as you keep an eye on these factors before you make your investment, you’ll be able to keep them from blindsiding you later on.
Don’t Overcomplicate The Maintenance
Trying to get a plumber out to service a block of units can be an absolute challenge, especially considering how intricately linked the plumbing system for such a property can be. With a single-family home, a lot of that complication tends to resolve itself. Not only do families tend to take better care of their homes, they’re also more on-the-ball when it comes to problems, and will typically put a fair bit of work in themselves when it comes to scheduling maintenance work.