Whether you are a seasoned real estate veteran or new to the game, the idea of building a multi-unit development is appealing for many reasons. If you are one of the lucky ones in Kelowna with a Two-Dwelling (RU4, RU 5) or Multi-Dwelling zoning (MF2, MF3), there are some big benefits to you, the property owner, and the city at large to this type of lot.
6 Benefits of Building a Multi-Dwelling Home
Suppose you are considering taking the leap and growing your investment portfolio with an income-producing property. Often you will need to work with a public or private lender to fund your project. If that’s the case, you may want to keep these benefits in mind when speaking with potential investors or partners:
- Economies of Scale. The more units you build, the lower your cost per square foot becomes, as you can stretch out some of your fixed costs across multiple homes.
- Income Potential. Multi-unit dwellings in Kelowna have great cashflow potential, and of course, the beautiful city of Kelowna properties will also hold their value over the long term.
- Lowered Maintenance Costs. Again, leaning on economies of scale, should you choose to keep all the buildings as rentals, it’s incredibly convenient and cost-saving to have your building maintenance and upkeep next door to each other.
- Urban Density. A popular term in bustling cities requiring more rental units, Kelowna welcomes these multi-unit buildings with open arms. Building one has a positive effect on your community!
- Fostering Community. Many multi-unit homes can include central gardens and greenspaces, shared pools and gyms, and other communal areas that can encourage connecting with our neighbours.
- Sustainable Developments. In addition to being a more sustainable style of living, these multi-family developments can contain eco-friendly building materials, such as the ones used by FLR Developments for their net zero-ready homes. Over the lifespan of the building, these small choices can add up to significant positive effects.
FLR Developments Kelowna: Your Knowledgeable Multi-Unit Builder
If having a property that can save costs, create rental income, help fight urban sprawl, and is a positive and supportive type of dwelling interests you, then reach out to FLR Developments to discuss your property and your ideas. We love helping clients take their ideas and bring them to reality. You can reach us at 778-721-5792 or by filling out a website form.
Live The Okanagan Dream
Life in the Okanagan means idyllic lakes, lush orchards, stunning views, endless skies, and the opportunity to live your best life. If you are ready to build the home of your dreams amid the abundant beauty that can be found here, connect with FLR Custom Homes today. Share your vision for your perfect home and together let’s make it happen.