There are many different types of property on the market and it can be difficult knowing what to look for. Different classes of property can outperform each other over time and carry different benefits and disadvantages. It is therefore important to understand the different types of property on the market before making an investment. Looking at display homes in Sydney and speaking to experienced agents, is a great way to start your homeowner journey and provide you with inspiration to achieve the house of your dreams.
Vacant land
High property prices and a competitive market has led to a boom in vacant land purchases.
Buying a vacant plot and then saving up to build, can be a great way for buyers to get a foot on the property ladder in an affordable way. A vacant plot also won’t have any of the typical painting, plumbing, or electrical issues that tend to affect existing houses. Buying vacant land offers considerable flexibility in regards to the size and placement of the house. Building from scratch also offers you unrivalled possibilities to create a home that was designed exclusively for you and matches your lifestyle.
Known as ‘buying off the plan,’ a house and land package involves selecting a block of land in a new or established development. Next you will need to consider a home design and which builder you would like to complete construction. It is a good idea to speak to agents who know the area you are looking in so that they may advise you on a plot which has the best potential for future growth. If this sounds enticing to you, be sure to read up on How to sell a home in florida.
Residential properties
A freestanding house on its own block of land is the preferred type of residence.
Once you have decided on an area, you can either contact real estate agents directly or go online and see what is available that will suit your needs. Some things to consider when choosing a neighbourhood in which to purchase a residential property include:
- Is the suburb safe?
- Is the location convenient for transport to your work?
- Is the suburb serviced by public transport?
- Is there a shopping centre?
- Is the area free from excessive industrial noise?
- Are there quality schools and childcare?
Residential properties include condominiums, separate homes, vacation homes, townhouses and duplexes. By a large margin, residential properties account for most of the real estate ownership transfers. Purchasing an existing residential property offers less flexibility than purchasing a vacant block of land for building. However, speaking to experienced real estate agents and searching for properties both online and in person can ensure you purchase an existing residential property that is perfect for your needs.
Unit or apartment
Units and apartments require very little maintenance. They can be desirable for those who prefer their property near the central business district or within the capital city. Over the last decade apartment living has become a popular choice due to the affordability of units and an increase of single person households. More apartment developments are appearing to meet the demand for this type of living as the population of major capital cities continues to grow rapidly.
Commercial properties
Commercial properties range from large shopping centres to single buildings for a small business. Commercial properties require unique considerations including population growth, population density, location, visibility and well known retailers nearby that will draw clients to the area. When the economy is strong, Commercial property grows in value, and carries less risk than residential property.
Each different type of property offers great rewards but also come with a few risks. When entering the property market it is important to consider your unique wants and needs in order to find the perfect property for you. Seeking help from experienced agents is vital to ensuring the success of your venture into property ownership.
Bio: Laura Costello is in her final year of a Bachelor of Law/International Relations at Latrobe University. She is passionate about the law, the power of social media, and the ability to translate her knowledge of both common and complex topics to readers across a variety of mediums, in a way that is easy
