When it comes to real estate investments, there are more things to consider than you initially suspect. Beginners will often enter this realm with the view that they should buy a house and take things from there. Before you invest in property, you need to consider the different types available on the market.
Usually, we can distribute the types under three categories: residential, commercial, and industrial. Today, we’re only looking at residential properties – but with a twist. We’re going to showcase the various types of residential properties to think about buying. Instead of a typical house, here are three unique property types you should take a look at:
We have spoken about the popularity of tiny homes before, so feel free to check out that post for more details on this topic. The lowdown is that tiny homes are specifically designed to be no more than 400 square feet. They are literally tiny. And yet, they remain highly popular because they’re extremely affordable. Lots of people are looking to buy a tiny home as their first home. So, there’s a killer opportunity here to buy up lots of tiny homes and renovate them. Make them full of modern home comforts that a single person – or a couple – could live in comfortably. Flip them for a profit and re-invest your earnings!
Community homes can be quite hard to define when you first look at them. Think about most properties you see up for sale. The majority of houses are on streets that make up part of a town or city. You’re technically part of a community, but it’s very open. Instead, we’re talking about homes in gated communities. This is where a large selection of houses have been specifically built within a gated community area. They’re popular because these communities tend to be the safest around. You’re in a secluded neighborhood where crime should be low as there are literally gates denying access to people that don’t live there. As safety is a key aspect in everyone’s property searches, you can easily lease gated community homes out for a lot of money – or flip them for a profit.
Retirement homes are somewhat similar to community homes, but with a slight twist. Yes, they will be part of a retirement complex or gated community. The difference is that many retirement properties are smaller, almost akin to bungalows. Plus, they are designed to accommodate people in their golden years. These properties are hugely popular as retirees look to downsize and find something much smaller and more affordable. Again, there’s an opportunity here to invest in retirement properties and lease them out for a good price. Or, you can buy them, do them up to be optimal for elderly individuals, and sell them for a profit.
The main purpose of this post is to introduce the idea of different residential property types. As you can see, there are plenty of properties you can invest in to make a lot of money. Instead of buying a standard house, think about more unique property types that could bring larger profits.