Modern trends in Residential living spaces-
Residential investment options
Second Homes / Vacations Homes:
– Vacation Homes are in addition to primary residential property.
– Vacation homes are purchased by individuals with higher liquid cash and can afford
more than one property.
– People use vacation homes as family getaways and holiday trips.
– Vacation homes can draw good income if the location is apt and draws adequate
travelers.
– Financing for such a property tends to be costlier.
Condominiums (Condos):
– The condominium is the property that is owned by an individual but the access to common areas
which is owned by all residents.
– Association fees is chargeable to residents for repairs and maintenance of common areas
and amenities.
– Bank finances on condos are at higher interest rates.
Condotels:
– Condotel is a mixture of condominium and hotel.
– Condotels are individually owned units that function as hotels with a registration desk, all
services like room cleaning, laundry, food etc.
– Condotels usually are for short term stays.
Manufactured Homes:
– Manufactured Homes are a modern trend that is of “mobile home”. They are ready-made
units that can be placed and used to stay at any desired locations.
– Manufactured Homes can be cheaper to their brick and mortar competitor.
– Manufactured Homes are used at locations where the home is more temporary and
needs to be constantly shifted. A most common example are the homes of a construction
worker on a construction site.
Single-Family Residences:
– Single-Family Residences as the name suggests are for single families.
-Single-Family Residences are standard properties that are not divided by walls but have
land separation from all sides of the property.
– Financing for these properties is available in decent rates.
