Most property investors nowadays are opting for residential properties. Homeownership is, after all, on everyone’s bucket list. A few people are choosing to build their homes, believing there is nothing on the market that will suit their needs and budget. Even so, properties are coming up daily, and you are sure to find one that suits your needs. Moreover, technology has reduced the costs of developments and brought property prices within reach of every budget.
Several options exist for buying a home with one of the most popular being a pre-selling condo in Katipunan, Quezon City. This option, also called off-plan, involves the purchase of a home before or during its construction. When buying a home off-plan, you will typically get it at the lowest price and can choose the best units. A few sellers also allow you to pick customized finishes for the property. Multi-family buildings are currently the highest selling. They comprise multiple separate units within one building or multiple ones in one complex.
Here are your multi-family building alternatives:
Condominiums and apartments
These are complexes that contain several units on multiple floors. The main difference between an apartment and a condo lies in their ownership structures. With a condo, you will own one unit in an entire complex. The common areas in the complex are owned equally by all the tenants, and a homeowners’ body handles their management at a fee. An apartment, on the other hand, has one owner for all the units in a complex. This owner will lease the individual units to different tenants.
This individually-owned unit resembles a detached house. Even so, it is attached to several houses. Most townhouses have multiple floors and private entrances. While in most cases, the houses sit side by side, townhouses may also be stacked, but each house will still have a separate entrance. If the houses sit side by side, some regions will refer to them as row houses.
Duplex, triplex, and quadruplex
A duplex is often one building that has been divided into two different houses with separate entrances. A triplex will be separated into three units while the quadruplex has four. There are often no common sections in the units, but the units might be smaller compared to other multi-family dwellings.
These are buildings that have multiple purposes rather than being purely residential. Most of these buildings have shops on the ground floors, offices on the mid floors, and residential units on the top floors. Others have commercial spaces on their front ends and residential units on the back. Though the arrangement sounds like it will expose your family to disruption and noise, mixed-use buildings often have sound-proofed walls and windows. Moreover, most of them are located in high-end locations that are secure and close to most living amenities.
When living in one of the above multi-family units, you have several alternatives for generating extra income. You, for instance, can opt to rent the rooms you do not use. With this alternative, you now appreciate that multi-family buildings are not a preserve of large families.