Property Types Explained
There are many different types of property, and each one has another kind of person who would want to live in it. This makes it essential to understand who wants property and why they might want it. Of course, the area produces a difference, but the actual property type is equally important.
Flats are primarily found in cities and as part of large-story buildings. The apartments themselves can come in many different sizes depending on their location.
For example, a flat in upper Manhattan is very different from one in the center of Brooklyn. They are for other people and serve different purposes. You might buy a flat hoping to flip it for a profit, but you will likely want to rent it. This is a way you can have a constant stream of revenue.
Often you will find that it is professionals and frequently young professionals who want and do live in inner-city flats. They are at a point where they either don’t have the capital to invest in buying a house or aren’t ready for the commitment. If your flat is in a business area, you might want to consider whether it appeals to young professionals and what you can do to make it do so.
Houses are everywhere, and they’re either standalone or semi-detached or attached, also known as ‘terraced’. They are the most commonly considered property type and can be bought and rented in equal measure. The area or location of your house is the most critical aspect of home buying since the kind of person wanting to live there will vary a lot. As aforementioned, a place can be part of a terrace, be detached or semi-detached, or only have one floor, making it a bungalow, also known as a standalone property. Within these different categories, you will find other people wanting to purchase or rent them. For example, you are more likely to have an older person want to live in a bungalow than a younger person. Since it is all across one story, there are no stairs for an older person to have to deal with, making it more appealing.
Condo or Apartment
A condo or condominium is often a type of flat or apartment building that is communally owned. They frequently have common areas where residents can socialize or enjoy activities. Living in a condo is like being part of a small community, which often attracts people looking for that kind of thing. Condos are found all over the place but are frequently found in retirement or holiday destinations. This sense of community, though, is what makes them popular, so if you are considering doing some condo buying, do bear this in mind.
Cottages are a particular type of house. They are usually found in rural and remote areas and hold a lot of history within. For this reason, they are often rented out to families or groups to use on vacation. However, they don’t need to be.
Plenty of cottages or cottage-style buildings make excellent rental properties and are popular places for people to live. This is thanks mainly to their unique aesthetic and location. As such, they are frequently sought after by families, and their often rural locations make them popular amongst the older generations.
Commercial property can take on many shapes and sizes, but an office building is one of the most common.
Businesses will always need a place to work, so investing in a prime piece of commercial real estate can be a great choice. In addition, companies will usually supply their furniture, meaning all you likely need to keep an eye on is whether utilities are working and the place has flooring and doors—the rest the company will take care of.
Many commercial properties are highly sought after, so you might only be able to get a single floor in a commercial building. However, you instantly know who you want to rent or lease the area too, which makes finding prospective clients far easier.
Buying a holiday home is a great idea. You can use it whenever you like, and when you aren’t there, you can rent it to other people and make some money from it, too. Picking the location and size of your holiday home will become the most critical factors you’ll want to consider.
Beach locations and popular resorts are fine choices, but you might also consider buying real estate in other countries. There are dedicated sites that can help you find people to stay with and manage many day-to-day activities, meaning all you need to provide is the house and watch the money come in.
If you pick a location in a foreign city, you will be targeting very different people if you choose a 4-bed house near a beach, so be mindful of who you have bought your holiday home for. Also, don’t forget that you can enjoy the holiday home on your own vacation.
The land isn’t a property but could be in the future. You might purchase land with the expressed decision to build a property there, or you might buy land, wait for its value to increase, and then sell it to someone else.
Whichever you choose, buying land is not a bad idea, and with housing becoming a more and more critical issue, land prices are likely to increase over the next few years. This could mean that the cheap area of land you bought might be worth a lot very soon.
On the other hand, you might be able to build a series of homes on top of it and sell those for a nice amount, too. The final option, of course, is to buy some land and build your own home. This way, you have complete control of what your house will be and won’t need to shop around or settle for anything less than your perfect home.