With interest rates high and home prices continuing to go up, affordability is at a historic low… and many buyers are finding themselves priced out of the housing market. This is where buying a duplex or triplex can be an option to help make mortgage payments while also increasing equity. Buying with other family members for multi-generational housing is also becoming more popular for more reasons than just affordability.
The many benefits of multigenerational living… why it has quadruped in the last decade
The house in the photo above could be the answer to those options… a triplex that generates enough income to make the mortgage payments while also providing a place to live. If you buy it and plan to live there you may even qualify for FHA financing with only a 3.5% down payment.
You could buy it with someone else who wants to live there, make it a duplex and split the mortgage payment. Or you could make it a multi-generational family home. Or… With challenges comes the opportunity to find creative solutions.
Download more information about this outstanding property… it will be Coming Soon in the MLS today… Active and ready for showings on 8/5/24. PHOTOS
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
