Choosing the right type of apartments is the primary step in residential realty investment. With the plethora of North Dallas apartments for rent, it is indeed the right time to analyze the residential market for tenancy or ownership of property. Residential properties are aplenty, and the ultimate choice based on a combination of budget, location, financial returns, and personal choice. It is, therefore, sensible to gain knowledge of the different categories of residential properties, understand the highlights of each, and finally narrow down the property type that best suits your needs.
Single-family detached home This is the most popular form of residential property that represents a separate, unconnected building with a garden or yard around. Cottages, villas, bungalows, and mansions are examples. They are expensive to buy and maintain but have good resale value and freedom from noisy neighbors.
Multi-family home As the name implies, the multi-family home refers to multiple attached residential units within a building or a complex. They are relatively cheaper than single-family detached homes but limit owner’s privacy. Such home types include:
- Apartment The residential units are stacked one above the other, often in multi-stories and the units are owned, rented or both.
- Duplex, triplex, quadruplex They comprise two, three, and four dwelling units that are attached side-to-side or back-to-back.
- Condominium This is similar to an apartment but is owned rather than rented. Each has its own homeowner’s association and supports community living.
- Townhouse Also known as row house or terraced house, it consists of side-to-side, identical row of houses that share common walls.
Prefabricated or kit home In contrast to traditional homes built on a site, a kit home is constructed in a facility and made of wood, steel or vinyl than brick and concrete and is eventually transported to a leased site. Though it provides little scope for design modifications, it is environmentally friendly, reliable, relocatable, and cost-effective.
Mobile home Different from a kit home, mobile home is always portable and lighter in construction. Houseboats, tents, cabins are examples. The downside is that it has the cheapest resale value in comparison to all other forms of residential property types.
Choose your property wisely and supplement your choice with the following guidelines before the actual purchase:
- Assess your financial capacity and refrain from going overboard: Loans help, but there is always a limit. Have enough money to overcome unexpected shortfalls.
- Research on location: it matters for current living and real return on investments. Good transportation, a pleasant neighborhood, and proximity to school and workplace help.
- Identify property prices in the area for an idea of apartments worth: enquire in the locality, visit agents or check websites to get the numbers and be ahead in your negotiations.
- Find hidden costs: Note the stamp duty, registration, loan application, maintenance, insurance, and mortgage fees to name a few.
- Identify any legal loopholes that might burden you in the future: investigate the history of the property and make sure there are no illegitimate references to your chosen property.
If none of this appeal to your senses, you can always buy a vacant land and construct the house of your choice. It is a lot more expensive and time-consuming but gives you the freedom of design and alterations at your pace and consequently a rewarding experience to you and your family.