There are a lot of different types of property, and each one has a different type of person who would want to live in it. This makes it important to understand who wants a type of property and why they might want it. The area it is in makes a difference, but the actual type of property is equally important.
Flat’s are primarily found in cities and as part of large storey buildings. The flats 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 centre of Brooklyn. They are for different people and serve a different purpose. You might buy a flat with the hopes to either flip it for a profit, but it is likely that you will 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 in their lives where they either don’t have the capital to invest in buying a house or aren’t ready for the commitment. If you flat is in a business are, then you might want to think about 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 thought of type of property and can be both bought and rented in equal measure. The area or location that your house is in is the most important aspect of home buying, since the type of person wanting to live there is going to vary a lot. As aforementioned a house can be part of a terrace, be detached or semi-detached, or only have one floor only making it a bungalow also known as a standalone property. Within these different categories, you are going to find different 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 storey, it means there are no stairs for an older person to have to deal with and that makes it more appealing.
Condo or Apartment
A condo or condominium are often a type of flat or apartment buildings that are communally owned. This means that they frequently have common areas where residents can socialize or enjoy activities. Living in a condo is like being part of a small community, and as such it often attracts people looking for that kind of thing. Condos are found all over the place, but they 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 very specific 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. There are plenty of cottages or cottage style buildings that 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 makes them popular amongst the older generations, too.
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 an investment in a prime piece of commercial real estate can be a great choice. Businesses will usually supply their own furniture, meaning all you likely need to keep an eye on is whether utilities are working and that the place has flooring and doors. The rest the company will take care off. A lot of 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, so it 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 important factors that you’ll want to consider. Beach locations and popular resorts are fine choices, but you might also want to consider buying real estate in other countries, too. There are dedicated sites that can help you find people to stay and will manage a lot of the day to day activities meaning all you really need to provide is the house and watch the money come in. If you pick a location in a foreign city, you are going to be targeting very different people to if you pick a 4-bed house near a beach, so just be mindful of who you have bought your holiday home for. Also, don’t forget that you get to enjoy the holiday home yourself on your own vacations.
Land isn’t a property, but it could be in the future. You might purchase land with the expressed decision to build a property there, or you might buy land and wait for its value to increase and then sell it on to someone else. Whichever you choose, buying land is not a bad idea, and with housing becoming a more and more important issue, land prices are likely to increase over the next few years. This could mean that 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 full control of what your house will be and won’t need to shop around or settle for anything less than your perfect home.