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Having ranked sixth on the world’s best places to live list, Australia has become one of the most sought-after investment destinations worldwide. Depending on where you live in Australia, there are different types of housing. In Australia, residential property has always been a popular investment option. The area is not only filled with incredible new-build properties, but also with beautiful architecture and history.
For many investors, residential properties have historically produced satisfactory returns over the long term. There is no doubt that property investment has made more people wealthy than shares, and it has the potential to significantly affect the wealth of the small investor because there is the potential for growth and even more beneficially, growth with bank money.
In this article, we will discuss the different types of residential properties:
1) Studio: Generally, a studio apartment or loft is a home with an open floor plan layout without interior walls. This is also known as a studio apartment, which is a large room with a living room, kitchen, and bedroom. The studio is similar to a hotel room, but with an additional kitchenette. In addition to the living room and bedroom, there is a separate bathroom.
2) Townhouses and Semis: Most townhouses or terraces have two stories, three bedrooms, and a small courtyard. Due to their smaller size and lack of land, townhouses are generally considered units rather than houses. The adjacent townhouses may share a wall and be connected as several connected cottages in a neighborhood. There is a unified style to the design, and parts of the interior may even be decorated in the same manner.
3) Single-Family Home: A single-family home (SFH) is a home built on a single lot without any shared walls. Occasionally, there is an attached or detached garage. There is more privacy and space in single-family homes than in other types of residences, and they often come with private front and back yards.
4) Condominium: A condominium is a single unit within a larger building or community. It is common for condos to share a wall or two with other units, and most have homeowners’ associations, for which residents pay a monthly or annual fee. These types of residential properties are popular in urban, high-density areas. Here, the homeowner plays a minimal role in maintenance and upkeep in this case.
5) Multi-Family Home: A multi-family home is the least common type of residential building. Essentially, they are homes that have been converted into more than one unit. There can either be row houses or multiple floors, and they can range in size from duplexes to fourplexes.
6) Luxury Homes: Investing in luxury homes is the most expensive form of residential property. In modern settings, they tend to include cutting-edge appliances and more utilities than other types of properties.
7) Apartment: The apartment is at least three floors high, with one or more units per floor. Each unit has a hallway. The apartment usually has an elevator with each ach unit houses having one or more families.
Your choice of investment property impacts your long- and short-term returns. So, make sure your residential property provides the highest percentage of land ownership while taking into account overall income and capital growth as well as ongoing maintenance costs.