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When looking into purchasing real estate, there is no one-size-fits-all approach. That’s why we make it our job to be experts in all different types of real estate. We aim to find just what you’re looking for—from the perfect home to an investment property where you can make an income from renting. Here are some of the different types of real estate you can purchase:
Residential
Residential is the most common real estate to purchase and invest in. From buying the dream home for your own family to renting real estate to make a passive income, residential real estate is quite an active market, especially in Utah. However, there are a couple of different options when looking into buying residential real estate:
Single Family
Single-family homes are typically what you think of when you think of residential housing. A single-family home is classified as a single home on its own plot of land, physically disconnected from other homes. It’s possible for a single-family home to be home to multiple families—if it includes a mother-in-law suite or a basement apartment, for example—but the structure itself is designed to be owned by one owner with no shared walls. Single-family homes are highly sought after for their privacy and their separation from neighbors, while still allowing you to be in a neighborhood.
Condos
Condos, also known as apartments, are also a form of residential real estate. Most condos for sale in Salt Lake City are usually found in multistory buildings, with multiple apartments sharing one parcel of land. For example, if there are 12 apartments on 1 acre of land, you would technically own 1/12 of an acre, as all condo owners would share the land. Condos are typically less expensive than single-family homes and are perfect for families with fewer members living at home and those wanting more community amenities that a complex could offer.
Townhomes
Townhomes are a good happy medium between condos and single-family units. Townhomes are less expensive than single units, and they also share the land with those on their row. But they often offer a little more square footage than a condo. When looking for townhomes for sale in Utah, consider HOA amenities—just like condos—such as private parks, pools, or clubhouses. You will still be sharing a wall or two, but no one will live below or above you as you’d find in an apartment complex.
Extra Housing
As mentioned before, investing in extra housing can be beneficial as a passive income or as a benefit for your family. For example, many homeowners seek out cabins for sale in Utah to use as a vacation spot for their family and/or as a place they can rent out during other times of the year. Since any sort of extra housing would likely be a more specific request, it’s best to talk to a seasoned real estate agent to find exactly what you are looking for.
Raw Land
Raw land is another popular real estate investment. Raw land is a plot of land with nothing on it—a blank canvas just for you! Depending on zoning laws, you can use raw land to design and build the new house of your dreams! You can also use this as farmland or an industrial endeavor. Again, it merely depends on what the land is zoned for. Raw land is a great option if you aren’t finding what you want with an existing building or residential home and you want something customized to your needs and wants.
Commercial
Commercial real estate is meant for those venturing into a business endeavor—whether that means a brick-and-mortar location or multiple units and renting out the separate spaces as a passive income.
