Single Vs. Multi-Family Home: Which To Choose In Cresskill, NJ?

Nestled within Bergen County, NJ, Cresskill is a tiny suburban hamlet with a population of roughly 8,700. Dense and tightly knit, Cresskill is renowned as one of the best places to live in the state. If you are considering moving to Cresskill, you could be torn between single-family and multi-family properties, as they are the most common housing types. However, you need not worry as this post will explore everything you need to know about these housing types to help you make an informed decision. Read on!

What is a Single-Family Home?

Single-family homes are freestanding residential structures intended for a single family. These residences necessitate the property having an individually owned area or anything that distinguishes it from other properties, such as a property title.

There are different single-family homes, including bungalows, townhouses, split levels, and twin homes.

What is a Multi-Family Home?

Multi-family houses are residences that have more than one residential unit. Every residence has several separate units, each with its address, entrance, utilities, and living facilities. Every unit has control over its own internal environment and utility bill. However, they may share ceilings, corridors, and walls.

Such properties mean living near your neighbors and sharing facilities like staircases, rooftops, elevators, lobbies, and more. Nonetheless, as every residential unit is separate, you can still enjoy living independently.

Common types of multi-family homes include duplexes, condos, apartment complexes, assisted living communities, and more.

Key Differences

Separation of Facilities

The most obvious variation between these homes is that single-family residences have their own lot, so they do not have to share facilities. However, multi-family homes share facilities and spaces.


Another huge difference between these residences is financing. Multi-family residences receive funding based on the number of units. This figure determines the type of loan they can apply for.

For lending reasons, a multi-family home with 4 or fewer units can qualify for a conventional loan. You must apply for a commercial loan if the property has over 4 units. Typically, different mortgages have varying terms and conditions. Therefore, contact a local lender to guide you on the best for you and what you qualify for.

Loan Limit

Single-family houses financed with a conforming loan are subject to a federal loan limit. If you want more than the limit set, you must resort to a jumbo loan.

Multi-family houses are evaluated case-by-case, with limits between $1 million and $ 1 billion.

Which is Better?

Typically, the question of which is better between a single-family home and a multi-family home boils down to personal preference, and your financial situation. If you want more room and do not fancy facilities with many strangers and sharing amenities, single-family homes for sale in Cresskill are for you.

However, a multi-family home is ideal if you appreciate social contact and like having neighbors nearby. You should consult a credible lender about the type of loans you qualify for, and find a good realtor so that you can learn what neighborhoods are appropriate for you.  

Explore Cresskill Real Estate with The Kolsky Team

Are you ready to make your dream of owning a piece of Cresskill property a reality? The Kolsky Team is your key to unlocking extraordinary real estate opportunities. With a proven track record of providing outstanding service, the team of real estate experts is dedicated to making your property journey as smooth and rewarding as possible. Reach out today to begin your journey to Cresskill homeownership.