The vibrant city of Phoenix, Arizona, is home to over 1.6 million people. The hot city has a lot to offer homeowners and has an incredible list of amenities available. With over 300 days of sunshine each year, there’s always something for the outdoor enthusiasts and an air-conditioned place for those who prefer to stay indoors. The city welcomes many tourists each year, which means there are many attractions to keep people busy. A diverse economy is growing stronger each year, a stable real estate market and excellent education options make Phoenix, AZ an increasingly desirable place to call home. Interested buyers will have plenty of options when it comes to finding their dream home in Phoenix.
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While multi-family homes come in various shapes and sizes, a triplex is a property with three separate units and living spaces. Triplexes are becoming increasingly popular among investors and those looking for more affordable housing options.
Triplexes are an excellent option for affordable and investment housing in Phoenix, AZ. Interested buyers can seek out one unit in a triplex or purchase an entire building and rent out the other properties. A unit in a triplex is an exceptional option for those who don’t need a lot of living space like single young professionals, a couple who are empty nesters, or retirees. Interested buyers can find properties from $150,000 to over $4.5 million in Phoenix.
The Phoenix, AZ area is expansive, and many communities have triplexes available for sale. For buyers who love a specific Phoenix community, they’ll likely find triplexes there. The most popular communities include Downtown Phoenix, North Mountain Village, Encanto Village, and Camelback East.
There are plenty of reasons to purchase a triplex in Phoenix. It’s a popular option for investors and families. As an owner, you can purchase the entire building, rent out two, and live in the third. If you have a large extended family, you could choose to rent out the other units to family or friends. For people who look after their parents or have a unique family situation, it could be an excellent option. If you decide to purchase a property and rent out all three units, it can be an excellent investment and an excellent addition to any portfolio.
A triplex in Phoenix, Arizona can be an excellent investment, but without lots of cash on hand, you’ll likely need to finance through a bank or other loan program. Most lenders will qualify a triplex as a residential purchase, but depending on the building it could be considered commercial. There are a few different options when choosing a lender for your new mortgage.
The first option, a traditional mortgage, is best for those purchasing a triplex as an investment property without living there. It requires more of a down payment and better credit scores than other options. The risk of purchasing a rental property is much higher for lenders, so the requirements are more stringent.
The second option is a Federal Housing Administration (FHA) loan. For those looking to live in one of the three units, this loan is the best option. FHA loans are less strict, have a smaller down payment, and lower interest rates on average.
The last option is a Veterans Affairs (VA) loan for current U.S. military members or former members. There's no down payment required and buyers don’t require an excellent credit score or private mortgage insurance.
There is plenty to know about buying a triplex in Phoenix when it comes to lending and other aspects that don’t come along with buying a single-family home or condo. Investment buyers can use the income from the rentals towards the loan amount, which is more substantial based on the property’s size.
Looking for the ultimate guide in buying a fourplex? Check out our post here.
Perhaps your more interested in a duplex unit?
Multi Family Land for Sale in Phoenix can be found here.
getMULTIfamily.com is a team of professionals and experts who know the Phoenix triplex real estate market’s ins and outs. We have a long list of clients who have had an incredible experience with us. Our track record proves that we’re the best in the area, and our happy clients will attest to that. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. Our first choice for our valued clients who are considering buying or selling is the Cap Core Real Estate Group. Patrick O’Sullivan leads the impressive Cap Core Real Estate Group team. He came from being the head real estate advisor at U-Haul. After his impressive career, filled with accolades like Agent of the Year and the CCIM (Certified Commercial Member Investment) designation, he began Cap Core. You are in the best hands with the team orchestrated by Patrick, and they’re the number one choice for all your real estate needs in the Phoenix area.
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