Find the newest multi-family home listings in Scottsdale, Arizona, today! Scottsdale, Arizona, is known for being an upscale year-round vacation destination, but it’s so much more than that for residents. Over 265,000 residents call Scottsdale home, and there’s something for every kind of lifestyle. If you’re a foodie, an outdoor enthusiast, or you just love the heat, there is always something to do. With ample job opportunities and a robust real estate market, Scottsdale is a must-see destination for purchasing your next home. For more information on real estate for sale in Scottsdale, Arizona, schedule a showing, call us today, or send us an email.
A multi-family home that has more than one unit, and all of them are private. Multi-family properties include condos, apartments, duplexes, triplexes, fourplexes, or any building that has more than one private suite. Multi-family homes do not need to have a specific layout to be considered multi-family.
Multi-family homes are among the least popular housing types in Scottsdale. However, there are still options available for interested buyers. Prices for multi-family properties range from $500,000 to $2 million. Larger multi-family homes come with excellent amenities like community pools and tennis courts.
Scottsdale doesn’t have any designated multi-family home communities, but interested buyers can find them in many desirable communities around the city. Multi-family homes are typically located in the southern part of the city in communities like Western Villa, Scottsdale Sierra, and South Scottsdale.
Multi-family properties are an excellent investment opportunity, but they are also ideal for people who are looking for extra space for family or friends. As an investor, real estate investing is one of the most popular methods to jump into the investing game, and it’s an excellent addition to your portfolio. It is a great way to build equity, generate some passive income, but it requires you to become a landlord or hire a company to manage your new investment. Suppose you’re looking for an investment property, but you want to live in one unit and have the other units as homes for family members or friends. In that case, you may end up being able to live rent-free because of the income from rent. Perhaps you want to take care of your aging parents, but you both want privacy. Purchasing a multi-family home is a great option. Regardless of your motivation for doing so, an investment property can be an excellent option.
Once you’ve decided to go ahead with the purchase of your new multi-family home in Scottsdale, you will likely be looking into financing unless you have the cash on hand. Depending on your plans with the property, you may qualify for different financing options that could save you money in the long run. It’s important to know what options are available and how they differ. It’s essential to work with a team of well-versed professionals and experienced in multi-family properties to get the best mortgage for your needs. Depending on the number of units, typically more than a fourplex could be considered a commercial property, so it’s crucial to work with an experienced team, so everything is seamless. Most likely, you’ll be in the market for a residential mortgage, and there are few options available.
Suppose you are purchasing a multi-family property strictly as an investment home and do not plan on residing in one of the units. In that case, you will need to opt for a traditional mortgage. There are stricter requirements to get approved, you will need to have a larger down payment, and you will need excellent credit. An investment rental property is a risky transaction for banks, so there are many barriers between you and your new property, but it’s worth the extra effort. Your rental income can also be used towards the application and approval process.
If you plan to live in one of the units and rent out the other ones, you may qualify for an FHA loan. The Federal Housing Administration loan offers some significant benefits, like a lower down payment, fewer requirements, and lower interest rates, which ends up saving a lot of money in the long run.
The final option is available to U.S. military members and former members. The Veterans Affairs loan is an excellent option for those who have served in the military. They offer no downpayment, lower interest rates, no private mortgage insurance, and don’t need to have excellent credit. As long as you live in one of the units, you can qualify for this loan. It’s an incredible option for those who qualify and should be taken advantage of.
It’s recommended to find a team of professionals with the experience to ensure you get the mortgage that best fits your situation. The difference between these loans may seem small, but it can end up putting a lot of money back in your pocket or costing you extra that you could be saving.
GetMultiFamily.com is the best way to buy and sell your multi-family property in Scottsdale, Arizona. Our incredible service is carried out by our team of professionals that aim to make every transaction stress-free and seamless. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. We have plenty of happy clients who recommend us every chance they get, and we always recommend The Cap Core Real Estate Group to each and every one of them. Cap Core is an incredible group of professionals that elevate the real estate business. The group is led by the former real estate advisor for U-Haul, Patrick O’Sullivan. Patrick has an impressive resume, including accolades like Agent of the Year and the CCMI (Certified Commercial Investment Member) designation. His work ethic helped him launch the group and become incredibly successful. When it comes to your Scottsdale home, Cap Core is up for the job and would love to help you with the sale or purchase of your dream home.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2023 Arizona Regional Multiple Listing Service, Inc. All rights reserved.