Residential Real Estate 101
This article was contributed by Madoline Hatter. Madoline is a freelance writer and blog junkie from ChangeOfAddressForm.com. You can reach her at: m.hatter12 @ gmail.com.
As a real estate investor or a first-time buyer, you need to understand what type of residence may be a good investment depending on market conditions. You may want a property that will provide positive cash flow. You may want to buy and hold property that can produce income each month. Or you may want to find a property in excellent condition in which to live.
Investing in Residential real estate
The most common form of investing in real estate is buying residential properties. For the most part, it provides a place to live for the owner or the tenant. Either way, this is the safest type of investment for many average income families. The degree to which the house is treated as investment depends on the buyer's personal situation and interest. One characteristic of all these residences is that they can generate a constant income. The other characteristic common to them is that the property will require monthly mortgage payments, property taxes, utilities and repairs wherever needed.
Residential properties, in general, come in different styles, sizes and shapes.
1. A single-family house - This can be a tiny home about 500 square feet size, or a mansion with a 8000 square feet living area. Single family houses come in ranch style homes with one or more bathroom, or they can be townhouses. All these homes' architectural styles may vary, the structure may be unique, such as bungalows, slatboxes, colonials and so on. But the one common element in all these houses is that they are all designed for a single family to live on the property.
2. Duplexes and Triplexes - Much like...
