Many of us share common goals in life. Some want to get married, start a family, get ahead in their career choices or buy a property and get on the property ladder. However, one of those can be one of the best investments that you make for now and for the future, and that is getting on the property ladder. But, many of us do this at different stages of our lives, and sometimes it is a case of finding the right sort of property for you. So how do you know what would work out and what would be ideal for you? What happens if you are thinking of investing? I thought I would share with you some of the best property styles you could consider, hopefully giving you some ideas on what sort of style would suit you.
Many people start off their property search when they are younger, perhaps moving in with a partner for the first time, or venturing into the world of living independently. This is when an apartment or flat style property would be ideal. You can start off with something like a studio apartment, a one bedroom or even more depending on the size you after and the budget you have to spend. An apartment can also be a great way to live in the town or a city centre. Giving you the ideal location to be in the hustle and bustle of city life, bars and restaurants, and the type of lifestyle that suits a young person.
There is a next step up from an apartment and that might be considering something like a penthouse. This tends to be the creme de la creme of apartment living. A penthouse can give you those panoramic views, amazing spacious living and even some exciting outside space in the form of a rooftop terrace. This tends to be one of the most expensive ways to enjoy city centre living. These penthouses tend to be in the heart of the action and offer more luxury living. Again this style of living tends to suit people who are living independently or perhaps as a couple or a group of friends who can their share the outlay as they can be quite pricey to buy.
Terraced houses can suit all sorts of people and they happen to be one of the most popular properties to buy as a first or as a second home. They tend to have an average of two or three bedrooms, but you can also buy houses that are terraced that have one bedroom or more than three, but they tend to be less common than a two or a three bedroom version. That is because a terraced house is more than two houses joined together in a line. They also tend to not have a lot of outside space, they may have a little area at the front and commonly just a yard at the rear. Years ago, these yards also housed an outside toilet and a coal shed or storage area. Terraced houses can also be full of character, as many dates back for hundreds of years. They tend to be a great project to renovate and add the character back to the property such as exposed beams or feature fireplaces. You can get terraced houses with more garden space at the rear, but most commonly there isn’t allocated parking, and so again it tends to suit a couple that is perhaps just about to start a family.
Climbing up the ladder may find you looking at something a little more spacious than the terraced house, or maybe you just need that space right from the start, this is when the semi-detached style house could be the ideal option for you. They can offer a much more flexible living space. Some tend to have a garage option and driveway parking, a bigger garden at the rear and at the front, and they can also offer more flexible living space in the form of extra reception rooms and also more bedrooms. Many semi-detached properties also give you scope to improve them. You could choose to extend over a garage and add an extra bedroom, or you could consider a double story extension at the side or at the rear. Also, things like orangeries or conservatories can be a fantastic addition to these sorts of homes. They are great an alternative and offer a longer-term living to help a house grow with you and your family.
The next step up from a semi-detached home would be to consider a fully detached one. They can vary in bedrooms and also size. Some detached homes can have two bedrooms and as many as eight or nine depending on the size. Of course, many people jump from something like a three bedroomed semi-detached to a four or five bedroomed detached home as their families grow. Detached homes offer the most flexibility in terms of making the living space work for you. They can often come with larger outdoor spaces giving you scope to add storage sheds and some can even come with garages. Many people aim for a detached property as one of their last moves, having them as their forever home before they may consider when downsizing once they enter the retirement period of their lives.
However, a property doesn’t just mean the home you live in and move on from as you move forward with your lives. They can also be excellent options for investment. One of the most popular ones would be a holiday let option. This could be something that you buy at your favourite holiday location, an apartment or small villa perhaps. You can then use it for your own enjoyment as well as making some money from it. Holiday lets are really popular as more people are choosing the option of self-catering when they go away and having the option to explore the destination they are taking their holiday. It can also be a worthwhile investment as a property is one of those things that tends to hold its value or increase over time.
Buying With Renting In Mind
Many people look at ways that property can be a worthwhile investment and some like the idea of buying an additional property with the view of renting out. In this market, some people are struggling to afford to buy their own place, so renting is an ideal opportunity to take advantage of. This, as an investor for you, can give you not just the long-term income in terms of the profit of your home in the future, but it also gives you the perfect short-term income option in terms of monthly rent. This can normally take care of any mortgage commitment you have as well as giving you some monthly profit.
Buying With Making Money In Mind
Maybe you want to make money quickly and wondering how property can do that, as it is such a big purchase is it really possible for you to make a quick turnaround with your investment? The answer is yes. More people are choosing to buy properties that are in need of attention and renovation. Putting in new kitchens and bathrooms, adding extensions and making cosmetic changes to flooring, lighting and wall colours can give you that profitable turnaround on your initial investment.
I hope that this has made you more aware of the property options you have, whether that is moving up the ladder yourself or considering the options you have as an investment.