Whats the difference between a multi family home and a single family home?

Lala: Whats the difference between a multi family home and a single family home?
When looking at houses for sale online I notice that some say multi family and some say single family. Does multi family mean there will be another family living there too!? I notice these houses are cheaper in price too. How can there be two owners if so?

Answers and Views:

Answer by mindcrime828
An example of a multi-family home would be a duplex, which is a house that is divided into two homes. One family could be living in the upstairs part, with another taking the lower level. Both levels have the necessary aspects of a home such as a kitchen, bathroom, bedrooms, etc and have its own main entrance. Condos are also considered multi-family homes as one building contains multiple homes. Each family would the portion of the home that is theirs, with the common areas owned by all or the property manager. Usually an association fee is included for mutli-family homes to covers the costs of maintaining the exterior and common areas (lawn, parking lots, etc).

A single family home would be your traditional house.

Answer by Mj
Hello:

Multi-family homes just means you have two or more other separate apartments in the home. Most of the time when you buy a multi-family there may be tenants already renting the units which can serve as separate income, or in certain other cases it may be a vacant property. There’s various scenarios as to why multi-families might be vacant, it can be a bank owned property, it can be an estate property, or it might be that the tenants decided to leave. In all any home you purchase goes to that person who made that purchase. In other words the seller transfers the rights and use to own it at closing.

As a homeowner for a first time buyer it would be best in starting with a single family. Multi families are usually bought by investors, or people looking to fix them up and rent or re-sell, or people whom want to live in one and collect some rental money to cover the mortgage. The best thing I suggest is to locate a local realtor and start working with them on the best home for you