Let’s say you decided to enter the business of rental properties. If this is something you’ll be doing full-time, then good for you. If you have existing work to do, however, you’ll need rental property management to help with your landlord duties. A rental property manager can also help you know what type of properties you have. This way, you can answer inquiries from potential tenants. Here are the types of residential building types you’ll probably get asked about:
Property managers, like those from Bergan & Company, would describe condominiums as large buildings that house individual units with shared walls. These are usually rented by small groups or just one person. Condos usually have homeowner’s associations that require tenants to pay dues, which usually are used for shared amenities like gyms or pools.
2. Single Family Homes
Single-family homes are houses constructed on a single lot. There are no shared walls with other single-family homes, unlike other property types. Some homes can even have garages attached to them.
3. Multi-Family Homes
Multi-family homes are large houses that got compartmentalized into two or more units for tenants. These homes usually have multiple stories, but not exceeding four. Exceeding the maximum number would be considered commercial already. Multi-family homes have separate entrances for each unit.
Townhouses are considered a hybrid between a single-family home and a condo. Whereas a condo has shared amenities, a townhouse wouldn’t have such. Townhouses do have a yard space or a rooftop deck, which condos wouldn’t have.
5. Co-op Homes
A co-op is similar to a condominium, but the difference lies in ownership. Whereas you would own the space within the unit you bought in a condo, a co-op would share the responsibility and ownership of the whole building among all tenants. This pushes for accountability as a desired trait, which is why tenant applicants undergo an interview process to become part of the community.
Starting a rental property business would require a thorough knowledge of what property you’re offering as a landlord. Rental property management could help you determine whether it’s a single-family home, a multi-family home, a condo, a co-op, or a townhouse. Potential tenants will ask you about these residential properties to see if it’s the type they’re looking for.