When it comes to choosing a rental property for investment purposes you should clearly understand the terminology. Rentals come in a large assortment of shapes and sizes, ranging from private apartments to spacious villas and homes with a vast number of bedrooms large enough to hold a crowd.
Knowing the variations between the different types of properties will help property owners market their vacation rentals fairly and competitively.
Bungalow: A bungalow is a single story home, usually with a broad front porch. Bungalow homes provide easy mobility for the elderly, physically challenged and small children. Bungalows provide lots of charm since many of these types of homes were built in the early 1900’s. You can find them oceanfront as well as set back into neighborhoods. Very often oceanfront bungalow’s will have wooden decking that leads over marsh areas and dunes to get to the beachfront. These decks often have stairs.
Condominium: A condominium is a unit that you own and it’s located in a larger building. In many places like here at the beach, those buildings are high rises. Typically you’ll pay a condo association fee to cover for the communal areas, for example, hallways, workout facilities and pool areas. While you do not own the areas, you contribute to the maintenance through your condo association fees, and have full access to these areas. Lifestyle amenities such as pools, fitness rooms, lazy rivers, and occasionally on-site restaurants are just some of what you may find.
Cottage: A cottage is typically small, single story, freestanding home similar to a bungalow. Cottages are cozy and are found in neighborhoods, oceanfront and rural locations. You can find them oceanfront as well as set back into neighborhoods. Very often oceanfront bungalow’s will have wooden decking that leads over marsh areas and dunes to get to the beachfront. These decks often have stairs.
House: A house is a freestanding dwelling used as a permanent or semi-permanent residence for an individual, family or several families at a time. When provided as a vacation rental, a house is fully furnished and decorated. It will have various bedrooms and bathrooms and is equipped with a full kitchen and laundry. There may also be an attached garage and features like a deck or swimming pool.
Townhome: A townhome may have similar features to a freestanding home, such as a garage, but usually has at least one shared wall with a neighbor. Townhome owners are ordinarily responsible for the upkeep of the grounds that come with the property. Townhomes may also have associations similar to condos, and have common areas such as a pool or workout facilities that are shared by the community.
Villa: Villas are vacation homes that are similar to a hotel in their amenities, but resemble a large, luxurious home, typically on a large estate that is well-manicured and lavishly decorated. Since villas are more commonly associated with vacation properties, it is not common to own one except for vacation or commercial use. These properties are also typically much larger than a standard condo or townhome.
If you’d like additional information on the various types of properties available for purchase or for use as a vacation rental, please don’t hesitate to contact Topsail Realty at your convenience. We’d be happy to discuss the opportunities available to you as a potential vacation property owner.
