Here’s Why Attached Homes are Becoming More Desirable than Single-Family Homes
When a family goes on the hunt for their first home, it’s usually the stereotypical suburban dream-home, designed as a single-family property. While younger families are certainly becoming more open-minded in terms of what defines a “home,” there’s still something about the single-family home experience that is ingrained in our culture. However, as of late, that’s beginning to change. More and more people who would ideally be great candidates for a single-family home are looking to attached homes instead. And, while a duplex or multi-family home might not seem so attractive to those who have their mind set on what they want, there are several reasons why you may be able to lean your potential buyers towards settling on an attached home instead.
There’s more construction with duplexes
In recent news reports, it’s becoming clear that housing development has been at its lowest since right before the housing crash ten years ago, which isn’t a good sign. But, many experts believe that it’s not necessarily a reason to worry just yet. While there may be a drop in the construction of traditional single-family homes, there seems to be a lot more construction in terms of duplexes and detached homes.
For instance, many attached homes are popping up in commuter cities around New York, such as in Palisades Park, where duplexes are being constructed in place of single-family homes, according to Northjersey.com. One of the reasons could be that investors and developers can get a much bigger ROI after construction of a duplex.
Attached homes are often much newer
Even though the notion of rehabbing homes or buying homes as investment properties are becoming more visible to millennials, many buyers still want that turn-key home. Because construction on single-family homes is low, most people have to buy a house that’s already been occupied for some time, the house itself having been around quite a while, too. Buyers that are looking for something fresh and new might have a better chance of finding what they are looking for in an attached home.
Duplexes are also cheaper than single-family homes
Going off of that, turn-key single-family homes are simply out of most people’s price range, especially if they aren’t flexible with the neighborhood they are looking to buy in. Duplex homes that are new are generally more affordable than their new single-family home counterparts.
People put more value on other things these days
For some people, the thought of moving into an attached home is unfathomable. Part of what comes with a single-family home is the yard and the feeling of privacy, and many buyers aren’t willing to give that up so easily, especially in their dream home. But, these days, we’re seeing more and more people change their mind on what’s considered a deal-breaker to them, and what’s actually more important. For example, if people are able to trade the yard in for a closer commute to work or a more happening neighborhood, then they are willing to do so. Likewise, if the attached home is brand new at a cheaper price versus a single-family home that’s old at a more expensive price, there’s no question what they’d pick. With all these things considered, the cons of having to share your wall with another person or family isn’t as big of a deal compared to the pros.
What this means for you
As an agent, you’re in the business of helping someone find their dream home, which is usually a single-family home. (Not always, but a lot of the time.) You also have a responsibility to hear what it is your client’s want, and show them something they may be interested in. For many buyers, if you suggested that they look at an attached home upfront, they might put their foot down and firmly say “No.” But, if you ask them what it is they want out of their life — and, not just the home — you may be able to convince them to convince themselves of why they should consider moving away from the single-family home and into an attached home instead.