WHAT ARE RESIDENTIAL PROPERTIES?

Residential real estate properties can simply be defined as homes that are inhabited by tenants who either lease them or acquire them through another kinds of rental agreement.

Residential properties are mainly for individuals or families to live in. Residential real estate properties can come in the form of a single family dwelling to huge a multi unit apartment complex. 

Unlike commercial real estate properties which are leased out solely for business purposes, residential real estate is solely for individuals and families to live in. Residential properties attract a lot of investors since a lot of people are familiar with the idea of leasing out a property to live in.

Markham City is know for its many divers cultures, technological hubs which include a lot of innovative start ups, and also its appreciation for ancient history. The city has many cultural sites, theme parks and recreational facilities. Buying a residential real estate property in Markham is a great move. A real estate lawyer in Markham is always ready to assist you with any legal hurdles you might face when trying to acquire any type of property.

SOME TYPES OF REAL ESTATE PROPERTIES

There aren’t many different types of real estate properties in the residential category. Some of these include;

•  A stand alone house. Stand alone homes are also referred to as single family homes. These types of residential properties are built on their own plots of land and are usually the most common types of residential real estate properties. 

 

•  Town houses. A town house also referred to as a town home is usually owned by an individual and shares a wall with a neighbouring real estate.

 

• Condos or condominiums. These are privately owned properties by individuals which is situated within a community of other units.

 

• A multi family house. Multi family houses can be made up of a duplex and also a fourplex. The are usually made up of two or four dwellings. Buildings that contain five dwellings are typically considered as commercial properties.

THE INS AND OUTS OF RESIDENTIAL PROPERTIES

Residential properties can be grouped into a single home, a condo unit, apartment, townhouses, a duplex and the list goes on. Residential real estate can also be a very lucrative form of investment. Investing in a residential real estate property also comes with certain tax advantages. 

THE RISKS OF INVESTING IN A RESIDENTIAL REAL ESTATE PROPERTY

Just like every form of investment, there are some downsides. One of the biggest downside of owning a residential real estate property is that, it is not a very liquid investment. Even though cash flow and appreciation overtime is great, as soon as a building stops delivering as a result of external factors like mismanagement and market conditions, an investor usually has a hard time cutting his or her loses and getting out. In order to successfully sell a struggling residential property, you will have to find a buyer that would have to see a potential value in the property that you can’t see.

Every form of investment including real estate investments all come with some form of risk factor. This may include, the depreciation of an assert, financial lose, as well as legal issues. Get in touch with Niro law real estate lawyers for a free consultation with all legal problems.