Buying a residential real estate can be a big challenge for you if you’re not aware of its types. There are different kinds of residential real estates that serve different purposes. If you want to choose the right residential property, it’s important to know about the different kinds of real estate you can invest in.
Let’s find out about the different types of residential real estates you should know about before buying a property.
Investment Properties
This is the property, which is not occupied by the owner but is bought to have financial gain by either renting or getting appreciation. A property will be considered as an investment property even if it doesn’t bring any income or money. Investment properties include residences for single families and even multi-unit properties.
Condominiums
Condominiums allow you to have ownership of a building individually with access to all the places and facilities that are provided to all the residents within that unit. If you live in a condominium, it’s obvious that you have to pay association fees for the improvement and maintenance of all the areas that are shared by the residents of that particular unit. In fact, condominiums can be financed at higher interest rates. A condominium offers common-use areas like the spa, basketball court, swimming pool, etc.
Townhouses
A townhouse is typically a place for single families which has two floors with nearly identical structures and properties both above and below. It’s slightly different from condominiums as there is no unit of neighbours living above or below. In fact, townhouses offer plenty of space outside the property. However, in some ways, it’s quite similar to condominiums if you have given the property on rent. Tenants can have access to common places and areas that are associated with the property. Townhouses are often considered a much better option because of their affordability.
Multi-Unit Properties
The trend of buying multi-unit properties is becoming popular these days. These properties can be used as your primary residence as well as for investment purpose. For example, if someone buys a 2-unit property, occupies one unit and gives the other unit on rent, it will be considered as multi-unit primary residence. However, if there is a 4- unit property, with every unit given to tenants, it will be considered as multi-unit property for investment.
Single-Family Residences
This kind of property is specially designed for single families. It differs from condominiums in many ways, as there is no common or shared area available that you may find in other developments. In fact, these residences do not have any kind of wall sharing with neighbours. It’s a completely separate property from all sides. Also, financing this kind of property is the cheapest.
So, if you’re looking for a residential real estate, it’s important to be aware of your needs as well as your budget. There are different types of residential properties available to you. All you have to do is understand your purpose and make a decision. Gamuda Land allows you to compare different types of residential properties so you can pick the right one for you. Kajang property for residential purposes provides great facilities and makes your life easier. Before you make up your mind, make sure you check the properties that Gamuda Land provides in Kajang.
