Do you want to live in Dundas? It is certainly a good community since it has been stable for more than a decade. The number is usually around 20,000 residents. This number remained relatively the same because of the protected Dundas Valley Conservation Area that cannot be annexed. This makes this small community a perfect place to raise your family. You can even find Dundas movers to hire for your relocation. Now, you only need to decide what type of house you plan to buy. If you are planning to buy a multifamily house, then you need to see if it is suitable for you. For this reason, here is everything you should consider before moving to a multi-family home in Dundas.
Pros of investing in this type of a house
First of all, you should consider all the advantages if you buy a multifamily home. Since this house will be used by multiple families, you can easily earn a lot of money from renters. This can help you to pay off your mortgage and other housing expenses. On the other hand, if you plan to rent this place, you will pay less since it is a multifamily house. This also means that you will have more money to organize your relocation. As you might know, the price of your relocation would depend on which local movers Ontario you hire.
In addition to this, if you just plan to rent a multifamily home, then if something happens, your landlord will be responsible for repairing all the damage. This is extremely convenient if you do not have enough time to deal with finding proper repairmen, scheduling an appointment, and so on. However, you will definitely need to make an appointment with Number 1 Movers for your relocation. As you might know, it is best if you hire movers at least a couple of weeks in advance.
Cons of moving to a multi-family home in Dundas
It can be quite expensive when you’re purchasing a property. Since this is a multifamily home, it is going to be even more expensive because it is usually quite big. Even though you usually can cover the mortgage with rents, this can be a problem if one of the units goes vacant. In this case, you still need to pay your mortgage. In addition to this, it can be quite stressful to always look for tenants.
On the same note, being a landlord is extremely mentally and physically exhausting. It is really time-consuming so if this is not your only obligation, you will need some good time management skills. Here is what is expected of you as a landlord.
- Finding new tenants
- Negotiating lease terms
- Dealing with situations when the rent is overdue
- Resolving issues with noise or damage to the property
- Fixing and repairing problems in separate units
Who is the most suitable for this type of house?
Before moving to a multi-family home in Dundas, make sure to consider all the options before making your decision. Multifamily homes are best for those who are interested in getting into real estate. In addition to this, it is also a great choice for multi-generational families who want to live close to each other.