Pros & Cons of Buying Single
or Multi-Family Home In NYC

In NYC we often deal with Condo and Coop sales, which are apartments as part of larger buildings. But there’s a huge submarket of attached single and multies in our area, including the classic NYC brownstone, and even free-standing homes especially in Brooklyn and Queens.

When owning a single or multi-family home, there’s an entire list of items that you become responsible for. Roof maintenance, façade maintenance, elevators, boilers, the foundation, and even sidewalks.

These areas are up to you and you alone to maintain, and the costs are paid by only you as the building owner. You’ll need to be knowledgeable about city codes and requirements, and sometimes landmark laws.

The cost factor is the largest difference when moving from a Condo or Coop. In that scenario, there’s an entire building paying into maintenance and up-keep of various building needs. Instead of having one owner paying for a repair or mechanical replacement, you may have 200-500 people paying into it, which eases the burden.

So the costs of maintaining your private home all fall on you, and you may be wondering, is it still worth it to go the route of single or multi-family?

The answer? Absolutely! You’ll have much more freedom to do things like renovations and additions without the need for typical board approvals. You’re in charge!

You’ll enjoy outdoor elements, like front and rear yards, and maybe even a roof terrace. And don’t forget about the overall separation from the rest of the world! Enjoy a bit more in the way of peace and quiet.

You’re also less likely to out-grow the home, typically having multiple floors to reconfigure as needed. If it’s a multi-family, consider the supplemental income you can benefit from.

Don’t forget re-sale. In our post-Covid world, the demand for separation, more flexible living spaces, and outdoor space has kept single and multi-family homes in demand!

So what’s the right fit for you? Let’s review the different options you have when considering single or multi-family homes, and what it means for you as a sole owner.