Not every home is suitable for every buyer. A family of four will probably enjoy a large single-family home whereas an individual might find the space not only unnecessary large but also untenably expensive. Prospective homeowners who don’t want to worry about lawn and roof maintenance might want to consider a condominium, whereas those who plan to have a large family, or even several dogs or other active pets, might value property built on a sizable lot. Learn about different types of real estate to decide which is right for you.
Single - family homes are freestanding structures that don’t share walls with any other homes. They often feature back and front yards, making them ideal for families with children and pets.
Duplexes are residential complexes consisting of two separate residential units that are both covered under a single legal title.
Condominiums, also known as condos, are typically apartment-style properties within a building or complex. Individuals can purchase individual units, but common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners.
Co-op residents own shares in a legal entity that owns a group of homes, usually one or more apartment buildings. Each shareholder typically has a lease agreement with the co-op, and the co-op's rules provide tenure for its residents.
If his or her budget allows, a buyer might consider purchasing a vacation home as a second property. Vacations homes can be located near beaches, ski resorts, or any spot that the buyer finds relaxing and enjoyable. Although buying a second home typically means taking on another mortgage, most vacation homes can be rented out when unoccupied.
Business owners might consider purchasing a commercial real estate property rather than leasing. If you purchase a property, you can make any cosmetic or structural changes you’d like-plus you can rent out extra space for additional income.
Real estate is often a terrific investment. Many buyers consider purchasing an income property to collect rent from tenants and hopefully turn a profit upon resale. When buying an income property, consider the space from a renter’s point of view. Make sure you are ready to take on becoming a landlord before making this big leap; many laws and regulations - some of which are community-specific - regulate tenant-owner relations.
Real estate buyers might consider purchasing a plot of land to build their own home. One can save money with this approach, but depending on the location, size, and quality of the land, this option could be more costly than buying a finished home. Additionally, business owners might consider buying land to build their business, literally, from the ground up.
No two people have the same take on a given real estate opportunity; where one person sees a palace, another person sees difficult freeway access, poor local schools, or a lack of local amenities. To sort out the objective concerns from the subjective impressions, you can use the following guidelines to help determine whether a property is right for you.
Before you buy real estate, make sure the community appeals to you. Consider proximity to schools, markets, and other amenities you find important. A good community and prime location can also help maximize the resale value of your real estate.
While most buyers pay the most attention to the square footage of a house, lot size can also be an important factor when assessing the value of real estate.
Look for a neighborhood in which the homes are roughly equal in size and amenities. If you buy a home that is surrounded by significantly smaller properties, the resale value of your purchase might suffer.
Three- and four-bedroom houses are usually the most popular, but the number of bedrooms one desires depends on many factors: whether one has or plans to have children; whether one frequently entertains guests who will stay overnight; whether one needs a space that can be converted to a home office; etc. Families will generally need more than one bathroom, as will singles who frequently entertain.
Buyers usually find larger, renovated kitchens with modern appliances more desirable. Kitchens that connect to a dining room offer convenience. If you enjoy entertaining outdoors, it is advisable to look for kitchens with outdoor access.
If the property has a garage, make sure it is sized to fit your lifestyle and the neighborhood. Two-car garages tend to be more desirable than one-car garages. If the property lacks a garage, be sure to investigate how much street parking is available.
