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The
first stage of purchasing a property is
to decide what type of a property you are
looking for. The following sections provide
some basic information of the type of property
you ill find in and around the area, and
some the main differences.
Some property types are more suited to short
term rentals than others.Typically investors
looking for a property to rent to holiday
makers would choose a pool home / villa
as these tend to meet the needs of holiday
makers better than say a condominium.
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| Villa |
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When
most of us talk about a villa ,
we're referring to a free-standing, single-family
residence. There is also such thing as a
duplex house -- a free-standing
structure divided into two, connected, single-family
units.
The main defining characteristic of a house,
besides its free-standing nature, is the
breadth of ownership responsibility taken
on by the buyer. The owner of a villa owns
the building itself, as well as the land,
and is responsible for all upkeep associated
with those areas, including lawn and landscape
maintenance, painting, repairs and real
estate taxes. As an “absentee owner” these
activities are typically overseen by a Property
Management company.
The villas are normally grouped together
in a community that has shared spaces, such
as a pool, playground, club house. Homeowners
pay a fee to a home owners' association
, which maintains the shared spaces
and may provide such services as lawn care,
landscaping, and security. The home owners'
association sets rules and regulations for
the community, some even pertaining to the
aesthetic appearance of the houses.
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| Townhouse |
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A
townhouse is like a house
in that the owner owns both the structure
and the land on which it sits; but it is
not free-standing, so "the land on
which it sits" is limited to the front
and back yards. Townhouses are connected
to one another in a row, and are usually
two or three stories tall. They share many
of the characteristics of condominiums.
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| Condominium |
Like
townhouses, condominiums
are attached to one another. If you own
a condo, you do not own the land surrounding
your living space. A condo owner owns only
the unit itself, which is taxed as an individual
entity, and sometimes a percentage of the
common areas of the community. Condo communities
may provide such shared facilities as a
pool, gym, tennis courts and clubhouse,
all maintained by the condo association
, which takes care of all day-to-day
management tasks. This is one of the key
advantages of condo living -- all of the
joy of using the amenities, none of the
hassles of maintaining them. Condominium
owners pay a monthly fee to the condo association,
which also sets the rules for the community
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| Cooperative |
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The
main difference between condominiums and
cooperatives lies in the
specifics of ownership: if you own a co-op,
you do not own the unit itself. Instead
,you own a share in the cooperative corporation
. This share gives you sole right to your
living space, but it does not give you ownership
of it. For this reason, your real estate
taxes may be covered by your co-op membership,
because the building is taxed as a whole.
Co-op members pay a monthly fee to the corporation,
which, like the condo association. maintains
the building and all shared spaces and handles
daily management tasks. A co-op is generally
stricter about screening prospective buyers
and has more say in the handling of your
own unit. Also, a co-op may be more difficult
to finance than a condominium, because co-op
corporations may only deal with certain
banks. |
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| Mobile
/ Manufactured Home |
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The
clear distinguishing characteristic of a
mobile home is that it
is, obviously, mobile. Mobile homes are
sometimes called manufactured homes
. Buying a mobile home is similar
to buying a car -- sales tax applies, and
you receive a title of ownership. If you
purchase the home and the land it becomes
real property and you are not subject to
sales tax.
Mobile homes, unlike other forms of housing,
depreciate in value, as cars do. If you
are using your mobile home on the road,
it is, in the eyes of the law, a car. But
if you settle in a mobile home park
, your mobile home turns into a
house.
Land ownership is handled differently in
different parks: In some you must buy the
lot for your home; in others you can lease
instead of buy it; and in others you don't
buy the land at all, but instead purchase
a share in a corporation, much like buying
a co-op. Property taxes are handled in various
ways based on these distinctions. Like condo
communities, co-op buildings and town homes,
mobile home parks have rules that must be
followed by the residents. |
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| Copyright
© Bardell Real Estate 2005 |
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