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St. Louis is a historic city known for its diverse neighborhoods, amenities, and affordability. For many homebuyers, the Gateway to the West is an attractive location to set down roots. If you're considering purchasing real estate in St. Louis, multi-family homes provide some unique benefits that make them a smart investment. Let’s explore some tips for how to make the most of multi-family living in St. Louis.
Choose the Right Neighborhood
With its many distinct areas, St. Louis offers multi-family housing suited to an array of lifestyles. Make sure to research locations thoroughly to find the right fit. Popular neighborhoods like The Hill, Soulard, and Lafayette Square provide walkable streets, shops and restaurants, nightlife, and community events. For proximity to major employers, downtown Clayton or the Central West End may be ideal. Those seeking more serene settings might look to neighborhoods like Shaw, Tower Grove South, or The Ville. Consider conveniences like access to public transportation, grocery stores, parks, and schools. The right location makes multi-family living more enjoyable.
Consider Layout and Flexibility
The floorplans of multi-family dwellings can vary greatly. Some contain completely separate units while others have interconnected layouts. Consider how you want to be able to use the space both now and in the future. Homes with versatile layouts and features like separate entrances and kitchens allow more flexibility if you decide to adjust how you use the property. However, open concept plans work well for multi-generational households who want to live communally.
Research Financing Options
Financing a multi-family dwelling may require some specialized loan products. Work with a local lender who is experienced in multi-family lending to explore the best options that are open to you. FHA, VA, and USDA loans are available in certain multi-family scenarios. It’s also a good idea to look at local and state down payment assistance grants and tax incentives for multi-unit real estate. A savvy financing strategy can help you affordably achieve multi-family homeownership and make the most of your investment.
Embrace Community Living
One of the perks of multi-family living is built-in community. Neighbors become friends in properties where units share common spaces like yards or laundry rooms. It’s fun and rewarding to cultivate community through gestures like holiday gatherings, block parties, or sharing garden produce. Take time to get to know your fellow residents personally, as a strong sense of community enriches the multi-family lifestyle.
The right property and neighborhood make all the difference when it comes to enjoying multi-family living in St. Louis, so don’t wait to consult the experts to find the right place that is suited to your needs! With sound planning and preparation, St. Louis’ distinctive multi-family dwellings can be rewarding places to invest in and call home.