Real estate investors constantly debate each other on whether multi-family apartment buildings or single-family home rentals are the best for business. However, if you are looking to make the most bang for your buck with as little headache as possible, single-family homes and Charleston property management companies are the way to go.
Benefits of Investing in Single-Family Homes
Many investors think that multi-family housing is the best way to make the most money; however, just because you Charleston property management companies may be able to collect more rent checks when multi-family housing investments are in your portfolio, doesn’t mean investors will make the most profit.
Overall, single-family homes are much less expensive to maintain than multi-family homes or buildings. The startup cost of multi-family homes is usually a much larger commitment. Multi-family homes are expensive and have a lot of land that comes with them while single-family homes are much easier to finance with a smaller down payment.
Maintenance on single-family homes will also be less expensive than multi-family units for Charleston property management companies. You won’t have to keep common areas cleaned and maintained, tenants take better care of single-family homes, and the grounds maintenance is considerably less involved and sometimes nonexistent with single-family homes. Additionally, turnover is typically much lower in single-family homes compared to apartments, townhomes, or duplexes which saves a lot of money in the long run when it comes to marketing, turns, and leasing.
In addition to being less costly, single-family homes are easier to manage because there is only one person or family per home that you are trying to collect rent on and keep retained. This will reduce the time Charleston property management companies have to spend managing your home which increases profits for you! Property managers also field far less phone calls and have significantly less tasks to complete throughout the day when you have one family in one home as opposed to four or more families in one multi-unit building.
If you’re interested in finding out how our property management companies can make the most out of your single family home investment, call Scott Properties at 843-790-4929.