Find the newest home listings in Tempe, Arizona, today! Located just east of Phoenix, Tempe is an excellent place to relocate! Known as being the home of Arizona State University, Tempe is home to fantastic house prices and job opportunities. Arizona residents know how wonderful the warm weather is, and living in Tempe offers a long list of outdoor activities, like going for hikes, enjoying the many parks, and water activities. There’s a thriving arts and culture scene, family-friendly fun, shopping options, and everything is easy to get to on public transit. For more information on real estate for sale in Tempe, Arizona, schedule a showing, call us today, or send us an email.
Gearing up to buy or sell a home soon in Tempe? Call Group DiNenna at 843-560-9310. Your Fourplex Homes Tempe realty team is here to help navigate the Tempe real estate market.
A fourplex is a style of multi-family property that includes four units. It would typically have a similar layout to a duplex, but with two private units on top and two units on the bottom. They are similar to condos in a medium-sized building.
Fourplexes are not very popular in Tempe, but there are options for those who are looking to purchase one of these excellent properties. Interested buyers can expect to spend anywhere between $450,000 and $1.1 million for a fourplex in Tempe.
When it comes to choosing your Tempe community, there aren’t many bad options. The city is growing and thriving, and each community has unique features making them desirable. Multi-family homes tend to be located near the university, as they are an ideal housing option for students. Interested buyers can find fourplexes in communities like Maple-Ash and Jen Tilly, which are some of the best neighborhoods in the north end of the city, and Escalante.
Depending on your situation, there are plenty of great reasons to buy a fourplex. Many people choose multi-family homeownership because they are looking for an investment property as an introduction to the world of real estate investing and start building a portfolio. Others choose to purchase a fourplex to have an affordable housing option. Many homeowners who decide to purchase a multi-family home end up living rent-free because of the rental income they generate. While it’s a higher upfront cost, it can help you live much more comfortably in the long run. Another reason for purchasing a fourplex is being close to family or friends. Offering your parents or family who need a stable home the other suites in your property is something many people want to do. Regardless of why you want to purchase a fourplex, it’s a substantial investment throughout all of life’s changes.
When it comes to the mortgage on your new fourplex, knowing your options is critical. Depending on your plans with the property, you may qualify for other financing options beyond a traditional mortgage. Working with a team of people who are well-versed in multi-family properties and lending options is a team you want on your side. There are three standard loan options for those looking at purchasing a fourplex.
Those looking to purchase an investment property and don’t plan on taking one of the units for themselves would only qualify for a traditional mortgage. Due to the high-risk nature of rental properties, banks have strict lending requirements. Applicants will be required to have an excellent credit score, a larger down payment, and other requirements based on the financial institution. One benefit is that applicants can include the rental income in the approval process.
Those buyers who are looking to live in one of the units and rent out the other three will likely qualify for an owner-occupant mortgage. An FHA loan is an ideal option for this situation. The Federal Housing Administration offers a loan for these buyers that has plenty of benefits. There is a smaller down payment requirement, and they don’t need an excellent credit score in order to get the loan. FHA loan recipients are also privy to lower interest rates. Overall, this is an excellent option for those looking to live in one of their units.
Finally, there is an excellent option for those who have served or are currently serving in the U.S. Military. The Veterans Affairs loan is hugely beneficial for those who don’t have a down payment but dream of homeownership. As long as interested buyers plan to live in one of the four units, the VA loan allows applicants to put nothing down, and the requirements are less than other options. For current and former military members, the VA loan is an excellent resource to get into homeownership.
Discussing your options with your lender, realtor, mortgage broker, or bank before you get locked into a mortgage is vital. Many resources often go unused because they’re not well-known. Working with professionals that are on your team will always help you get the best available options to help you position yourself financially.
Do you want to buy or sell your Tempe multi-family home? Don’t go ahead with any transaction before checking with the GetMultiFamily.com team. Our team of experts in the Phoenix Metro area are willing to work hard for everyone that contacts us. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. We have an impressive track record, and we always work hard to provide an exceptional experience for our clients. With your goals and dreams in mind, we will always recommend The Cap Core Real Estate Group as our first choice for any sale or purchase. The Cap Core Real Estate Group is a team of dedicated experts who will get you into the home you want to be in. The group was launched by Patrick O’Sullivan, who is the former real estate advisor for U-Haul. Over his impressive career, Patrick was awarded Agent of the Year and the CCMI (Certified Commercial Investment Member) designation. He is one of the best in the business, and you’re in the right hands with his team.