The single family home is usually a detached house or one unit dwelling structure with its own walls, backyard, and front yard. It can come with a garage and dedicated street parking for gated communities. Compared to a townhouse, condominium unit, or apartment, the single detached offers more privacy and a better return on investment.
For one, the lot where the single detached stands on is part of the investment unlike a condominium where you do not own the real estate.
As a property manager, you probably know that the selling points of a single detached house aside from having more privacy include:
- Better security if you want to invest in state-of-the-art alarms
- Possibility to expand your property if your neighbors decide to sell
- You could have enough space to add a pool, Jacuzzi, flower garden, mini golf, or whatever interests you
- You could get higher rates compared to an apartment or townhouse
- You do not have shared expenses and association dues like condominium owners
On the other hand, managing a single family home also exposes you to a higher risk not to mention having the sole responsibility for maintenance, upkeep, and security. A recent study of 2014’s performance on real estate reveal that condo prices and rates have risen while single detached houses remain relatively stagnant. People want the convenience of being close to their workplace because it cuts transportation costs and travel time.
In order to find the perfect house, consider these tips in your search for a family home in San Diego.
- Single detached home’s main market are families and couples which means they need a house that is in a safe neighborhood with other families or couples as neighbors.
- You could also look for a property that has two adult bedrooms aside from a guest bedroom in order to attract renters who are adult friends and not romantically involved. There is a growing number of individuals willing to share the cost of renting a single detached because it lowers daily overhead
- Like all major cities, San Diego has its share of risky residential areas. There have also been several cases of fires and brush fires. Last December, San Diego firefighters also issued a warning about the increasing number of drones that could drop from the sky and cause fires so you should try to find out the areas likely to be affected and stay away.
- Check for mortgage or a mortgage holders’ affiliation
- Use the Internet to find residential areas or properties that could be the next “It Place”
Other Ideas Worth Investigating
If you have been searching for a while with no luck, you could consider expanding your network. The residential real estate in San Diego did not live up to its promises last year and realtors are being very conservative this 2015. Buyers like you may have to slug it out with others in buying the perfect single detached house for property management but when it comes to rentals, it’s a different story. The expected growth in wages did not happen last year so professionals who may have targeted buying their own place may decide to settle for renting in the meantime.