Different Types of Residential Real Estate

Residential real estate are probably one of the most in-demand investments nowadays. Over 65% of US households has their own property while the remaining 35% are renters. With the increasing demands of houses in cities like Bartlesville, it is important that we know where to invest our money. Residential real estates are heavily regulated, giving the buyers the assurance that their investments are protected by the Federal Law. There are several types of residential real estates that potential homebuyers can choose from.

Condominiums

Condominiums are buildings comprised of single- owned units with complete access to all amenities shared by all residents within the building’s vicinity. It is one of the most popular type of residential real estate nowadays since they are mostly located in urban areas. One thing to bear in mind when purchasing a unit would be the association dues. Association dues are mandatory fees paid in order to maintain, regulate and improve the areas or amenities shared by all the residents.

Condotels

Condotel is a mixed of a condominium and a hotel. It operates just like a hotel and usually has a registration desk, daily cleaning service, and even food and telephone service. The only difference is that each unit are owned individually. Buyers can choose from short- term occupancy to long- term occupancy. Condotels offer great amenities and services but most mortgage lenders will not finance condotels.

Investment Properties

Investment properties are properties that are not occupied by its owners. It does not serve as a home, but as a form of investment to its owner. Its main purpose is to generate income either through renting or value appreciation. Investment properties can either be for single- family residences or multi- units. However, the multi- unit type of investment properties are considered as one of the most expensive residential real estate investments to finance.

Manufactured Homes

Manufactured homes are most often called as mobile homes or trailer parks are properties that are constructed with steel chassis which allows them to be transported from one place to another. These mobile homes are usually located in trailer parks and are regulated by the HUD/CODE or Federal Construction Safety Standards Act. They are typically affordable and are well- suited for low-income households. Personal property loans, premium for mortgage loans can help you finance these manufactured homes.

Second Homes

Second homes or most commonly known as vacation homes are usually found in resorts or recreational areas that are only occupied seasonally. These types of properties are an addition to the owner’s primary residence. It can also serve as an investment property if owners would like to have it rented out to other vacationers while the house is not occupied. Vacation homes are usually located in ski resorts and even near the beach.