More than 96,000 people live in Mission Viejo, California, which is good news for those who own multifamily properties. As one of the biggest master plan projects built on undeveloped land in the United States, the city is designed with residents in mind. While the housing market in Mission Viejo is still climbing its way out of the financial crisis, multifamily properties are still finding success, and can serve as a strategic investment due to their popularity among renters.
A multifamily property is a house or building, which is meant to include more than one home in a single property. Whether it’s a small apartment building, a duplex, or a multilevel home with various flats for rent, it falls under this category.
Mission Viejo Multifamily Property for Sale & Lease
Financially, purchasing a multilevel home over a standard house may seem more expensive, but the outcome can be quite beneficial, in that this style of property can act as a source of secondary income. Whether you choose to live in the property yourself and rent out additional units, or you live offsite, and simply act as landlord, there is money to be made if you market the property correctly.
Leasing multifamily properties is also beneficial, because it gives you access to a space that is most likely maintained by the owner. This means no raking, weeding, or mowing the lawn, and if the faucet leaks, you can call for assistance and not carry the financial burden of requesting for a plumber.
Choosing to rent or buy multifamily units usually comes down to finances, and personal preference. Not everybody can handle the responsibilities that come with these large income properties. Unlike the average single unit house in which you live your daily life in and fix to your own personal taste, owning a rental property means adhering to the standards of others. You need fresh paint, clean hallways, working doorbells, and mowed grass always. Of course, you can transfer some of the responsibility for these things to the tenants through the lease contract, but if the property isn’t kept up to the high standards of the general public, it could hurt ratings and reviews which potential future tenants will see.
Mission Viejo Multifamily Property for Sale
Buying real estate in Mission Viejo offers plenty of choices, even with multifamily homes which are less common than single family dwellings. Using the services of a realtor who specializes in this property type will gain you access to even more options. The average price point for this style of housing in this area runs between 700,000 and 2 million dollars. This will be based on the number of rooms, and which part of Mission Viejo it was built in. Homes which are nestled inside the residential zones, near schools, but within good proximity to businesses and shopping are highly coveted and will cost more to buy.
Multifamily properties have some major incentives, but there are also risks to consider. It isn’t just the housing market that could go south and take you with it. Renters can also be a nuisance, if a proper legal contract isn’t drawn up and followed. It helps to interview potential candidates, and check with their previous landlords before choosing residents to lease your new property.
Before leasing to others, you will also have to consider the kinds of policies you will put in place for pets, children, hanging laundry outdoors, noise after certain hours, and other factors which will affect resident life.
Mission Viejo Multifamily Property for Lease
Like buying, leasing has pros and cons. The cost of leasing seems less because you’re paying smaller amounts of money, but over time these fees add up. Leasing does give you more freedom than owning a property in terms of finding a new house as soon as your lease is up. When you buy a home in Mission Viejo, you can’t just up and leave because you got a job offer in San Francisco; you need to wait for a buyer and sell the property so you have money to buy a new one. When renting, you can put in the allotted notice necessary to leave, pack your things, and find a new rental property before you even touch down at the airport.
Multifamily rentals in Mission Viejo vary in price, with the average cost falling between $1,500 and $5,000 per month. Prices can fall just below or just above this, depending on where you’re looking, how large the land surrounding the property is, and whether there are other renters sharing the space. Special features such as swimming pools, garages, and landscaped properties also raise curb appeal, and cause the price point to go up.
Before deciding whether you want to lease or buy in the area, find potential houses and take a drive through the neighborhood. Traffic, neighbors, and the upkeep of surrounding properties will tell you a lot about whether the house you’re considering will be a good fit.