Find the newest fourplex home listings in Scottsdale, Arizona, today! Known for being an upscale tourist spot, Scottsdale, Arizona, is so much more than just a place to retreat during the winter months. For the 265,000 residents that call Scottsdale home, there’s always something to do and see in this Maricopa County city. Scottsdale appeals to a variety of lifestyles. There’s something for everyone in Scottsdale, from food lovers to outdoor enthusiasts and history buffs to retirees. With a thriving economy and diverse housing market, it’s easy to find your dream home in an area you love within your budget. For more information on real estate for sale in Scottsdale, Arizona, schedule a showing, call us today, or send us an email.
A fourplex is a type of multi-family property that has four units within one building. Typically, they are designed like condos, with two units on the top level and two units underneath. However, there are plenty of other layouts, including townhome-style.
While single-family homes are the most common housing style in Scottsdale, interested buyers have several options to purchase fourplexes. There is a diverse mix of established properties and brand new constructions currently being built. Prices for fourplexes range from $800,000 and $1.5 million. With new properties going up for sale every day, interested buyers are sure to find a property they love.
There are no bad options when it comes to purchasing a home in Scottsdale. Interested buyers can find fourplexes in several Scottsdale communities, including Terravita, South Scottsdale, and McCormick Ranch. Each of these neighborhoods is highly desirable and welcoming.
When first-time buyers go house hunting, they’re likely not considering purchasing a multi-family home unless they require the extra units for family members or friends. It should be considered by all homebuyers who can afford to put up the extra money as an investment opportunity. Real estate investing is one of the safer ways to invest your money. As long as you maintain the property well, offer fair rental rates, and don’t mind being a landlord. It can be an excellent way to create passive income and live rent-free, but you should always be able to cover the costs in case one or more of your units stays vacant for a prolonged period of time. If you plan on living in one of the four units, you can qualify for better financing that saves you money in the long run. A fourplex is an excellent option for those who have family members to take care of but want to have separate spaces and privacy. You don’t have to be an established investor to opt for a multi-family home as your first purchase. Still, it can be an excellent opportunity for various people, and it should be considered when searching for your next home.
When you have found your new Scottsdale fourplex, you will need to determine the best financing option for you and your situation. If you have cash on hand to purchase the building outright, that is excellent, and you won’t need to speak to a lender. If you are in the majority of individuals that require financing, there are a few options available to you.
When purchasing a fourplex as an investment property and you don’t have plans to live in the units, you will need to apply for a traditional mortgage. Due to the risky nature of purchasing a rental property, banks and financial institutions are going to have stricter requirements for financing. You will need to have a higher downpayment amount, an excellent credit score, and meet any other requirements outlined by your bank. You will have access to typical interest rates as well. One benefit is that you can use the rental income you will generate towards the loan application.
If you want to purchase a fourplex to live in one of the units, you should look into the FHA loan. The Federal Housing Administration loan has plenty of benefits, including lower downpayment requirements, lower interest rates, and fewer requirements. This is an excellent option and can save a significant amount of money in the long run.
Lastly, if you are a former or current member of the U.S. military, you could qualify for the VA loan. The Veterans Affairs loan is an incredible option for military personnel. It requires no downpayment or excellent credit score, recipients are privy to better interest rates, and there is no need for private mortgage insurance. You must live in one of the units to qualify, but this excellent financing option should be utilized.
Working with a team of professionals who have ample experience in the purchase of fourplexes in Scottsdale is imperative to a successful transaction and stress-free experience. You want to ensure you’re getting the best mortgage for your situation, so you end up saving money in the future.
Looking for the ultimate guide to buying a fourplex? Check out our blog post here.
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GetMultiFamily.com is the newest and most innovative way to buy or sell your home in the Scottsdale, Arizona, area. Homeowners that opt for our incredible service are always surprised by the excellent value and service we provide while providing a seamless transaction. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. Since we gain a lot of clients through word-of-mouth, we understand the importance of recommendations, which is why we suggest using The Cap Core Real Estate Group for each client. This group of professionals is dedicated to the success of their clients. The team has an amazing leader, the former real estate advisor of U-Haul, Patrick O’Sullivan. As the recipient of the Agent of the Year and the CCMI (Certified Commercial Member Investment) designation, Patrick leads by example, and his team are up for any job, no matter how difficult. When it comes to your Scottsdale multi-family home, The Cap Core Real Estate Group are the professionals to call.
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