Types of Dwellings Found in Distressed Properties Listings
Types of Dwellings Found in Distressed Properties Listings
When looking at distressed properties listings, buyers usually select homes based on prices and the type of dwelling they would like to purchase. Listings of foreclosures offer several types of residential structures and buyers should be aware of what each type has to offer. Single Family Dwellings These are ideal for small or regular sized families. Most single family homes feature two to three bedrooms and a space where a garden or a garage can be built. They offer a modicum of privacy since they are not attached to another property and owners can enjoy the whole lot all to themselves. This is also the most common type of residence sold in the U.S. and most can be found in good neighborhoods where schools and offices are often accessible. Multi-Family Dwellings These are residential buildings that are divided into two to four independent dwellings. Extended families, or those whose kids are already married and have families of their own, usually prefer these types of homes, especially if they like living near each other. The individual units for these homes can be built side by side or on several floors. Multifamily houses found on distressed properties listings have the advantage of flexibility, in that they can also be used as a residence for the buyer and as a means of income if the rest of the units are to be offered as rental properties. Two or more families can also share the burden of paying for the property if they want to use them as family residences. For investors and people who have a larger source of capital, foreclosed apartment buildings and condominiums are reasonable investments. Most of these buildings are offered for as low as 50% of their original market value and investors can make a cheap purchase and use the property as a source of rental income. Each of this type of property can be found in distressed properties listings. Buyers can choose any of these structures depending on their purchase capability and their needs and whether they are looking for a family residence or something more.