Let's dive into the key characteristics and features of multi family homes, multi family homes for sale right now, and more.
A multi-family home is a residential property with two or more living units, including a duplex, triplex, or semi-detached houses. By convention in the real estate industry, any property with five or more residential units is considered a commercial property, so a 5 unit apartment building is considered a commercial property.
While any property could technically house multiple families (especially if there is an accessory dwelling or in-law unit), a multi-family property is legally distinct from a single family property. It is distinguished by the fact that there are multiple, distinct addresses for each unit, where each unit has its own kitchen, bathroom(s), entrances, and utility meters.
The main difference between multi-family properties and condos is who owns the units. All units in a multi-family property are owned by a single owner, whereas the units in a condo are owned by individual owners and common structural elements and amenities have shared ownership. As such, a condo unit is still considered a single-family home for real estate purposes.
Due to the singular owner, the units in a multi-family property would not generally be subject to the rules and regulations of a homeowner's association, such as in a planned neighborhood development. However, depending on the neighborhood, all the properties in the area including the multi-family property may be part of an HOA.
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