Rental properties are one of the most common types of investment. It not only maximizes returns but also attracts various tenants too. But as a tenant, the concern about the property will vary from an investor. You want to have multiple options to see which option falls within your budget.
Rental properties are available in all shapes and sizes, and literally can be found in any corner of the world. No matter what is going on in the real estate market, investors can always look for more options with each passing day for residential and commercial rental property.
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Some of the rental properties are easier to find that fulfill your needs. However, there are multiple options to consider. In this blog, you will discover different types of rental properties that you can choose from.
1- Single-family home
Living in a metropolitan city means you ought to own a property that would bring profitable returns. However, if you plan to rent a property, single-family homes are a good option. For instance, if you can buy such property easily in city housing phase 2 in Multan with direct access to main roads, and the rest of the city.
The purpose of single-family homes is to space out the outside noise and endorse privacy for the family. These rentals are quieter and a traditional way to invest in a property. Single-family homes attract more potential tenants too.
2- Low-rise apartment building
A building featuring one-four floors with units is called a low-rise apartment building. Renting this type of property gives the benefit of quieter living in a close-knit community. The major pros of renting such property include:
- Fewer neighbors mean limited interaction.
- Small apartments offer privacy.
- Parking lots might be closer to the front door.
- The security level is pretty high as only the residents have access to the key or code.
- Such properties require low maintenance.
1- Large apartment community
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A high-rise apartment building offers vast complexes that come with its fair share of benefits and drawbacks.
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Some of the appealing benefits include
- Access to modern amenities like an on-site gym, public green spaces, etc.
- Low maintenance as you only have to take care of your residential unit.
- It is cheaper to rent an apartment instead of a single-family home.
- Utilities like water and Wi-Fi are also provided.
Someone with a traditional mindset (of independent living) may find it awkward to rent a high-rise apartment building because
- The space is smaller as compared to low-rise apartment buildings.
- There can be limited space for designated parking which increases the safety risks.
- Little to no privacy is also a big no for several people as you may run into neighbors at awkward hours on elevators or staircases.
The condo is a lot similar to the apartment; however, it resides within a larger building. Sometimes people prefer to rent condos instead of apartments based on these benefits.
- Condos are associated with pools, a gym, and covered parking and are available with top-of-the-line appliances and fixtures.
- You have the flexibility to deal with the property owner directly to negotiate the rent.
- Once a good relationship is developed with the owner, you can easily negotiate terms for repairs, upgrades, and renewal of lease agreements.
One slight drawback is that people find it rather expensive than a low-rise building. Plus, there are certain restrictions set by condo owners too like a limited number of guests allowed on the property premises and so on.
Also Read: Invest in DHA Multan
Townhouses are very common in City Housing Multan too. In this property, neighbors usually share at least one wall. The property size can range from 5 Marla to 8 Marla. For a small family, if single-family homes are hard to locate, then townhouses are the next best alternatives.
These properties are often located with modern amenities and are gated communities.
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However, townhouses are not a comfortable option for those who want
- Looking to rent a place within a strict budget.
- Don’t want restrictions and other rules that define their way of living.
When opting to choose from different rental properties you must keep your needs, wants, timing, and financial constraints in mind. If you have a family, a single-family home is a good option. But a bachelor who is looking to save immensely, may find apartments or condos the best options.