Real Estate- By: Nitin George
Now why is real estate all of a sudden so important to discuss and know about? Well, there is a considerable demand for quality housing and as a result lots of new constructions have come up in many well-known cities as well as lesser known cities.
Making an investment into real estate is a good option because, when you carefully invest into a good area, the value of your property investment will rise in value providing you with considerable built-up equity. A good home equity can help you to take a home equity loan which can be used to finance important things that need to get done else you can sell of the property for a considerable profit.
Investment into real estate also gives you certain tax deduction benefits. This can be really useful because the amount that you would have to spend on paying taxes can be cut down. If you invest smartly you can also take up the benefit offered by a 1031 property exchange. Investment into real estate gives you a certain pride of ownership because you own something that is rock solid and which is completely yours to have.
Real estate investment can be commercial or residential. Looking into the different types of residential real estate properties, residential properties can be of the following types:
Family Homes - In this property type, the property owner owns the entire property structure. There is no sharing of property area with neighbors. Family homes can be single family homes or multiple family homes. Family homes are the most sought after property types because of the kind of space that they offer. Additions can be made, as and when required to the existing structure. The only aspect of concern here is that the owner has to look into every aspect of home maintenance by themselves.
Condominium – In this property type, homeowners own everything from the interior of their condo unit. Maintenance requirements are minimal and this type of property is ideal for young working-class professionals who are very busy and on the go. Many condo buildings offer posh home environment and excellent facilities such as swimming pool, tennis court, gym, and much more. However owners need to pay a maintenance fee for maintenance of common areas. They should also read up on HOA rules before purchase.
Townhouses – This type of property is similar in structure to a family home, except that it costs them less. Also known as row houses, owners may have to share both the side walls of their home, else one wall of their home with their neighbors. However owners need to pay a maintenance fee for maintenance of common areas. Townhouses can be duplex, triple complex or an entire colony of townhouses.
Whatever be the type of property a person select for purchase, it is important to buy the property in a good locality and from a reputable builder. Those new to the real estate market a best advised to take up the services of a realtor or a buyer’s agent in order to find the kind of property that will suit them the most.
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Have questions about buying a home? Find the answers in First Time Home Buyers Tips from real estate funds in India. Rainforest Holdings is a local resident experienced with the communities in the greater service real estate builders in India area and a licensed Realtor.