Types of Residential Real Estate Properties

If you are thinking of investing in real estate properties, one of the first things to consider is the type of property you want to buy. Are you looking for commercial real estate or residential real estate property? If you decide that you want to invest in residential properties, so here there are some types that you must consider before investing in one. If you want to know morw about the residential real estate then you can visit at https://mmalaw.ca/.

1. Single family residence

This kind of property is the most common type of real estate purchased by a new home buyer starting their own family. Because it is the most common type, it is also the cheapest type of residential property. It only supports single housing and there is a land separation from each side of the property. The walls are not shared with any neighboring houses and other properties around.

2. Condominium

With this kind of property, the residents have a single ownership in one of the building housing units. This property has a public area where all owners and residents in places can have the same access. Residents need to pay association fees for maintenance and increased public areas. 

Some facilities included in the public areas are swimming pools, tennis courts, sidewalks, spas and others. Such property tends to have a higher cost. If you plan to get a loan for the condo, most lenders, banks and other financiers actually offer higher interest rates when financing for condominium units.