Speaking on a general basis, food, clothing and shelter together comprise of the basic necessities required by all humans. Of all these, shelter or ‘a nice-looking & cosy home’ is a dream that many people share. It is no wonder that people spend loads of money in investing in a good residential property. A first-time buyer who is interested in buying a good residential property will be surprised at the innumerable options that are available in the market. Owing to this, finding the right type of residential property to invest in can be a daunting task indeed. This article aims to simplify the task by shedding light on the different options in residential real estate available today.
Residential Property: Some Common Types
o Independent Houses – In independent houses, there is one unit with self contained arrangements where a single family lives. The single has complete control over all utilities and facilities, in short has complete independence. The single owner has to bear the sole responsibility of all financial risks.
o Flats/Apartments – In such residential property, the housing structure is divided into several units each having their own similar self contained arrangements. Utilities like Garage, roofs, etc., are on a sharing basis. There is limited independence.
o Builder Floors – To put it simply, in the case of such kind of residential property, a private realty developer acquires a moderate sized area & builds a multi-storey building with several floors. Each floor consists of self contained living arrangements & is sold to separate parties.
o Condominium – In the case of such type of residential property, there is a housing structure which contains several apartments. The apartment owners apart from each of their housing units also share a specific percent of the total property value. The amenities like garage, pool, etc. will be shared between all the co-owners.
After going through the article, you would have got a fair idea about the several types of residential properties available in the market for investment. It should be mentioned that these are just a few types of residential houses, there are many other kinds too. To get a more clear idea about the same, it would be a smart idea to get in touch with a reliable real estate agent who can offer you expert guidance.