A Brief Discussion On Different Property Types
-The real estate world is not homogenous; you get to deal with properties of different types in this business. When you are planning to buy a property it is better to know in-depth about different types of property before you take the leap.
You can classify properties accordingly:
Now, we will discuss about the pros and cons of different types of properties
- New properties
- Old properties
- Ex council properties
- Mobile properties
The first thing that comes to your mind is how will you get a suitable new home for yourself. Contact an estate agent or have a look at the newspapers for advertisements of newly built properties by the local building companies. You can also surf the Internet for the websites of the building companies.
There are numerous lenders who will willingly offer you mortgage loan for a newly built home. The builders also offer mortgage loans for a newly built home. In this sort of a deal you have to make a deposit payment and sign an agreement. But first you should discuss with your lawyer every details of the contract before entering into any deal. Make a full-fledged survey about the guarantee and insurance scheme of the building; it is necessary to get a better mortgage offer.
Advantages Of Buying A Newly Built Home
- If you buy a new home you will get fitted kitchens, fitted carpets installed by the builder as a part of the sale package.
- You can choose the color of your home and brighten up the look according to your choice.
- In a brand new home there will be no need of repairs and repainting at least for the initial years.
- The builder will offer structural guarantee for a certain period of time, if any repair or restructuring needs to be done within this period then you don't have to pay any money.
If you like the essence of the old era you will like the period charm of an old home. If you want to own an old amiable home, hire a surveyor who will conduct a thorough survey or carry out a homebuyer's report before you enter any deal. Old properties have their characteristic advantages and disadvantages.
Advantages Of An Old Home
There Are Some Disadvantages of Old Apartments too
- The first is the appeal of the yore.
- Generally older properties will be situated at a convenient position of a locality from where the schools, market place and other amenities are easily accessible.
- The traffic congestion and noise may pester you
- You may face pollution problem
- There are every chances of facing parking space difficulty, for which you may have to pay a permit fee.
- You may face some structural difficulties when the old houses are renovated
If you can crack an ex-council property deal you can get a cheap contract, more so if the property is in a large estate. The ex-council tenants can sell the property in the open market if they use the "right to buy" clause.
But it is essential to have a thorough look at the condition of the property and the estate, on which the property is situated before you sign any deal.
Now, I Will Point Out The Cons Of Buying An Ex-Council Property
When you buy a flat, generally you will be considered a leaseholder. You should be careful about the condition of the building and the estate, otherwise you will be loaded with the share of expensive repair bills. You may even have to pay money for repairs of the areas, which you don't use. If the building is more than five stories old, you may face difficulty in getting a mortgage.
The Legal Dimension
If you have bought the property from the council within the last three years you have to pay back the "right to buy" discount to the council. Default in payment can cause hassles and delay in the deal. So it is necessary to check the legal clauses with the local council before you buy the house. But the pro is that an ex-council property deal is quite an economical deal.
Mobile homes are also known as park homes, which are situated in a caravan park and are pre-manufactured. These park homes don't usually have wheels and are not usually moved. The mobile homes are like ordinary homes often with a garden. These mobile homes often have on site shops and are very good for people over 50. Before buying a park home inquire about
The Good Things About A Park Home Is
- The parking rules
- Rules about Satellite dishes and television aerial
- Whether pets and children are allowed or not
- The rent you have to pay to the site owner
- If the site owner decides to change the site of your home whether there will be any additional cost
- Check all the fine prints by a solicitor before you buy a park home
Park homes are situated in leafy areas and can offer a close glimpse of nature. Moreover, Mobile homes are generally cheaper
Now Some Disadvantages To Consider
As Per Residential Mortgages Properties Can Be Categorized As:
- You have to pay a share of the selling price of the home to the site owner if you sell your home
- The site owner may change rules and regulations with a prior notice
- Often sound insulation is not good in park homes
A single-family residence is a home, which is occupied by a single family. It has no common areas, no common walls or any homeowner's dues. It is a detached property with single ownership. A single-family residence is the most lucrative deal for a mortgage dealer because it has the highest value per square feet.
Multi Family Residence
If a house has at least two separate apartments or more separate apartments it is a multi family residence. Though it has negative valuation but you can live in one apartment and rent the other to pay off your monthly mortgage. The repairs that you undertake in the rental part are tax deductible.
If some part of a real estate have joint ownership and some parts are individually owned it is a condominium property. This type of property is in vogue in the United States and in Canadian provinces. Condominium in short is condo, meaning a housing tenure.
This is the world of real estate in which you will be guided by the professionals, your wit and our tips to make the right choice.-----------------------------------------------------------------------
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