Multi-Family Property Lawyers in Ocean County, NJ

Experienced Real Estate Attorneys Supporting Buyers and Sellers of Multi-Family Properties in NJ

Purchasing a home in New Jersey is a huge decision. Investing in a multi-family property has numerous benefits that have led to an increase in buyers showing interest in these types of properties. However, it’s important to note that owning a multi-unit structure catering to several households also presents unique challenges not experienced with single-family homes.

When considering the type of property that you want to invest in, you need to take multiple factors into consideration. It’s wise to seek guidance from someone who has experience in this area. Contact our team of real estate attorneys at Bronzino Law Firm, LLC, to help guide your decision-making process and finalize your transaction while attuned to your best interests in Belmar, Asbury Park, Freehold, Lavallette, Manasquan, Sea Bright, Point Pleasant, Lacey, Long Branch, Monmouth Beach, and elsewhere in Monmouth or Ocean County. Learn more about multi-family property purchases and sales in real estate and how our real estate lawyers can assist you by calling (732) 812-3102 for an initial consultation.

Types of Multi-Family Properties in New Jersey

A multi-family property, or a multi-dwelling unit, is a classification of housing in which multiple residential units are combined within one building or complex. Examples of multi-family properties include apartment buildings, townhomes, duplexes, and semi-detached homes.

Factors That Make Multi-Family Properties Attractive to Buyers

Recently, there has been a rising interest in purchasing multi-family properties. They are a great investment because they provide near-passive income. There are many financing options available to owners, and one’s real estate portfolio can grow quickly with such an investment. In these times of fiscal uncertainty on a local, national, and global level, investing in a multi-family property can provide a steady income that offsets mortgage and maintenance costs and generates passive income.

Principal Distinctions Between Single-Family and Multi-Family Homes

The primary difference between a multi-family and a single-family home is its intention. Multi-family homes are most often purchased as a commercial investment. Another obvious difference between the two is the cost. Those who are just getting started in the real estate market, don’t yet have the capital to build out their portfolio to a large extent, and just want a place to live that serves as a solid real estate investment will be more likely to purchase a single-family home.

Benefits and Drawbacks of Purchasing a Multifamily Property in New Jersey

There are pros and cons to buying a multi-family property. One pro is that it is an excellent commercial investment in many cases. The demand for rental housing is so high that an owner will have a wide variety of options for potential renters. Owning a multi-family property is a great way to make a substantial passive income, and it is relatively easy and cost effective to hire a property manager who can take care of maintenance and other issues. Multi-family property owners also have the opportunity to benefit from many tax breaks.

On the downside, purchasing a multi-family property requires a substantial upfront investment. First-time property investors often have to put 20 percent down on the investment. As in any property, owners are responsible for all repairs, and it can be a lot to juggle. This can mean extra time and money.

Do Your Homework Before Buying a Multi-Family Home at the Jersey Shore 

When looking to buy a multi-family home, research and investigate a few key factors. These include the neighborhood, as this could affect rental price and client type. Understanding what the neighborhood offers will allow you to determine the types of families you will be catering to as possible renters. Understanding property location will also give you insight into what the local regulations and permitting options are.  You’ll also want to obviously look at the structure itself. How many units does the property have? Is each unit in good shape, with a strong foundation, no electrical or other issues, and minimal repairs required? How many times has the property been sold in the last 50 years, and what might be the reason for this? Finally, you’ll need to consider the cost. What are the options for mortgage plans?

Checklist When Selling a Multi-Family Property

When preparing to sell a multi-family property, you first want to review tenants’ current contracts and make sure that all current tenants are advised of the sale. In some cases, leases prevent an owner from selling a property while it is inhabited by tenants. Then, you’ll want to make sure that the property is ready for sale. Complete any necessary repairs and take care to tend to the property’s curb appeal. Finally, contact a qualified real estate attorney to help you get your property on the market. Any necessary next steps or fixtures your attorney will help you move through.

Contact Freehold NJ Multi Family Residence Real Estate Attorney for Help Today

Buying or selling a multi-family property is a huge decision, process, and investment. Our team of real estate attorneys at Bronzino Law Firm, LLC has the knowledge and skills necessary when preparing owners and investors in multi-family properties and assisting clients through the myriad steps to moving forward with selling or buying in Barnegat, Wall, Sea Girt, Eatontown, Red Bank, Little Egg Harbor, Keyport, Bradley Beach, and throughout Monmouth and Ocean County. When selling, our team helps you ensure that your property is up to par for the highest earning capacity and that you are protected from a legal perspective. When buying, we’ll walk you through every step of the investigation process to ensure that you’re making a quality, sustainable investment and that your contract serves your interests. If you are interested in buying or selling a multi-family property at the Jersey Shore or anywhere in South Jersey, contact us today at (732) 812-3102 to get started on this excellent, life-changing move.