Find Real Estate Investment Tips That Work for You

If you purchased a large piece of empty property and you want to develop it for residential purposes, you should consider townhomes. The townhome, or townhouse, often refers to a house that shares one or more of its walls with an adjacent house. However, the homes are entirely separate and function as single homes. Home descriptions in these cases may even refer to them as "single family attached" houses. Here are some more reasons why you should hire townhome builders and develop your property by building townhomes on it.

More Square Footage, Less Space

Townhouses are built to have more square footage than an apartment. Sometimes they have even more square footage than a condo! What separates the design features of these homes from others is the fact that their construction takes up less space. Since these houses are typically multi-story, unusually shaped to fit the property, and share walls with the next house over, they maximize their use of upward space while minimizing their use of horizontal space. This means that you can get more houses on your property with townhouses than you could with duplexes or single family detached homes.

Rent, Rent-to-Own, or Purchase Options

Townhouses are often purchased by the persons or families that reside in them. However, as the owner of the property on which these houses are constructed, you could choose to rent the houses or offer a rent-to-own option for any tenants that cannot afford to buy a house outright. Ergo, your property could continue to turn a profit for you after you have developed it. You could also sell some of the townhomes right away to cover development expenses, and then rent out the rest to pay remaining expenses.

You Retain an Ongoing Interest in the Property

Some land developers will develop property, then sell it and never look back. Others will develop it, but want to retain a continued interest in the property and how it is maintained. If you are part of the latter group, then building townhouses/homes on your property is an ideal situation. You retain the right to return to the property frequently, provide some in-house maintenance, and provide landscaping maintenance to keep the property looking its best. This way the property will continue to sell its homes, or get and retain renters to make you more money. If you opt to rent some of the houses for an ongoing income, you definitely will need to provide some of these services.