A multi-family home is considered to be a type of home that you can own that can house more than one family at a time in separate units. A multi-family home will sometimes be classified as a duplex, semi-detached home, townhome, or apartment building. A multi-family home can be owned by one person, a company or by individuals, where the units will usually contain tenants for investment purpose or for personal gains.
There can be some advantages and disadvantages to owning a multi-family home. Some of the advantages to owning or a multi-family home are the monthly costs of a multi-family home can be considerably cheaper than in a single family home and a multi-family home can bring an ideal investment opportunity because the multi-family home can generate a monthly rent income if you choose to go this route. Some disadvantages to owning a multi-family home could be that by renting out a portion or the whole units of the multi-family home, you essential become a landlord. Becoming a landlord requires a whole other set of responsibilities that some people may not want to take on. The size of a multi-family home can usually be the same size that is comparable to a condo or townhome. Finally, one last disadvantage to owning a multi-family home is since a multi-family home usually sits on a smaller piece of land than other home types, you will have to share your yard and your driveway with other tenants.