My offer on a tri level had been accepted but I still can back out. Should I?
Tri -level what??
Downside if there is no elevator is the stairs. Older tenants will not lease because of the stairs. The top units will not get as much rent unless you have a nice view, deck outside etc.
Some areas in the Detroit Metro have a lot of these. Tri-Ievel think is also called split level. It's a single family home with a main level which usually has the kitchen, living room and dining room, a few stairs up to the bedrooms and bath and a few stairs down to what some consider a basement but it's better than a basement because it has much larger windows, thus more light so it can be used as a family room or whatever else.
I can't figure out quite how popular these are amongst tenants and potential buyers. These homes generally have more square footage but on the flip side are harder to maintain because access can be an issue. For example part of the home is on a slab so you may need to break concrete to access things like duct work, pipes, etc.
Anyone have any more insight on these? Especially those of you in the Detroit area. I have been wondering if these homes are a good investment too.
tri levels suck. I will never buy one
I've actually always liked the feel of the split-level design in houses I've visited. I've never lived in one though.... What is supposed to be bad about them?
I'm from Michigan and I have very specific memories of tri-levels that were owned by my family and relatives in the 1960-70s. The number 1 concern I would have today is not the tri-level issue, but the design issue. Unless you're talking about a post 1990s split level, most of those homes have windows, stairs, ceilings and other design elements that are very period specific.
Can the house be made to to feel contemporary? Or is there a market for restored mid-century homes where you are?
My brother bought and rehabbed a tri level for his personal residence. It tyrned out amazing.
here's what a tri level home looks like.
but instead of the "garage space", it's the main living room
the part in the basement is either used as a "basement", but since it has many large (ground level) windows, most people use it as the main living room area.
There's only two things you can't get rid of - AIDS and a tri level.......
In all seriousness, the nickname for a tri level in real estate is "Bayliner".
If the price was right, I would still buy it.
Personally I don't like them at all. There weren't many in the places I grew up; in fact I don't recall being in one until I was I'm my 30s. However, they seem to be very popular in certain areas around Atlanta. Which means I'll take every one I can get in a good deal.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing