Find the newest triplex home listings in Scottsdale, Arizona, today! Located east of Phoenix in Maricopa County is the popular city of Scottsdale. The city is a popular year-round vacation destination for people who reside in colder climates. It’s known for being upscale and vibrant. With over 265,000 residents, Scottsdale has a strong economy and plenty of job opportunities. The real estate market is healthy, and there are a variety of home options on the market. Whether you’re an activity lover who wants to spend each day outside, or you want to experience the art and culture scene, Scottsdale has something for you. For more information on real estate for sale in Scottsdale, Arizona, schedule a showing, call us today, or send us an email.
A triplex is a style of multi-family home that has three separate units within one building. Typically, they look like townhomes, but there are various layouts available, depending on the builder.
Triplexes in Scottsdale are not an overly popular housing option, but interested buyers have a few options for searching for a multi-family home. Triplexes in Scottsdale range in price from $700,000 to $1.5 million.
Triplexes may not be as common as single-family homes, but they are available in some of the best communities throughout Scottsdale. Interested buyers can find properties in neighborhoods like McCormick Ranch, Scottsdale Heights, and South Scottsdale. New listings become available every day, so finding a new triplex takes patience, but it’s doable.
Many interested buyers invest in triplex properties for a variety of reasons. If you’re looking to get into real estate investing, it can be a great option. You can likely find an excellent property for a reasonable price in Scottsdale and rent out all three units. Based on the rental market, you can likely charge a rate that gives you a profit after covering your costs. Another way to invest is to purchase the property with the intention of living in one of the units. You may spend a little more upfront, but you can likely offset your own costs by renting out the other two units, essentially allowing you to live rent-free. If you choose to live in one of the units, you can qualify for better financing options as well. If you’re looking to purchase a triplex to have extra space for family members to rent or friends, it can be an excellent option. Suppose you have aging parents you want to take care of. A triplex allows you both to have privacy while still being close in case they need something. Purchasing a multi-family home is not for everyone, but for those who can afford to invest extra money in the beginning, the investment can pay off in spades in the long run.
Once you’ve found the triplex you want to purchase, it's time to figure out your financing options. If you have the cash to purchase your new home, you don’t need to worry about different mortgage options. However, most buyers will need to rely on financing to fund their purchase. Depending on your plans with the property, there are a few options available.
If you are purchasing a triplex with plans to live in one of the units, you may qualify for an FHA loan. The Federal Housing Administration loan has a lot of great benefits like fewer requirements, no need for an excellent credit score, lower interest rates, and a lower downpayment. It can be a great option to save homeowners a lot of money in the long run.
If you are a current or former member of the U.S. military, one of the best options is a Veterans Affairs loan. The VA loan offers a lot of benefits to military personnel, like no downpayment requirement, no excellent credit requirement, no private mortgage insurance requirement, and lower interest rates. As long as you are going to live in one of the units and rent out the other two, you qualify for this financing.
If you are purchasing your triplex as an investment property with no plans of living in any of the units, you will only qualify for a traditional mortgage through your bank or financial institution. Since these loans are riskier for banks, there are stricter requirements, higher downpayment requirements, typical interest rates, and any other requirements outlined by your bank. There are more steps compared to the other loan options, but it's not difficult to get approved if you meet the qualifications. As a newly minted landlord, you will be able to use the rental income generated from the units towards qualifying for the loan.
Purchasing an investment triplex is an exciting venture, so it’s important to work with a team of professionals who are experts in the purchase of multi-family homes. You want the transaction to be as seamless and stress-free as possible.
Interested in the ultimate guide to buying a fourplex? Check out our post here.
GetMultiFamily.com is the most effective way to buy or sell your multi-family home in Scottsdale, Arizona. Since we started offering our service, our happy clients have had a stress-free and seamless way to sell their homes and find their dream homes. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. We appreciate when every client recommends us to others in the Scottsdale area, which is why we always recommend the incredible team at The Cap Core Real Estate Group. The team at Cap Core are dedicated professionals who will strive to provide their clients with the best customer experience around. Patrick O’Sullivan, the former real estate advisor for U-Haul, has created the dream team at Cap Core, and his track record has been impeccable. As the recipient of the Agent of the Year and the CCIM (Certified Commercial Member Investment) designation, Patrick has led his team to success. When it comes to buying or selling your Scottsdale home, Cap Core is the team to trust.