Investing In Property For Sale: Questions About Certain Labels Used On Types Of Properties

When you get into the world of real estate investing, you learn a lot in the process about the different types of properties available for sale. As a wise investor, you will take the time to get to know the different descriptors and tags used when properties are listed and what they can mean to you as a prospective investor. Here are a few questions and answers about certain labels used on different types of properties. 

What is a special-purpose property for sale?

Special-purpose properties are not quite as common as other types of real estate property for sale. Most often, these properties are specifically designed for a certain type of operation, such as a school, a library, or even a city park. These properties are far less likely to be transformed into something else because they have a specific layout that is catered to one type of operation. While the occasional special-purpose property will come up, these properties tend to have a particular market, which makes investing in them a relatively fickle matter if you are looking to buy and resell. 

What does it mean if a property for sale is a mixed-purpose property?

Mixed-purpose properties are relatively common these days because more people operate a business from their home. In general terms, a mixed-purpose property serves more than one purpose, such as a building that can be used for residential and commercial purposes. A lot of agricultural properties like working farms and ranches are actually mixed-use properties because they are set up for the agricultural business but they also have a home or place to live on the premises. Some commercial properties also have living quarters on-site. An example would be a restaurant with an apartment on the upper floor for the owner. As far as investment goes, these properties are only logical for buying low and selling high; their value tends to stay relatively stable, so buying at fair market value is less likely to yield a return. 

What is a converted-use property?

A converted-use property is most often a residential property that was once used for a different purpose. For example, you may see something like an old industrial warehouse that has been transformed into several loft-style apartments or an old church building that has been remodeled into an actual single-family home. Converted-use properties can be a bit unconventional, but they can sometimes be a good investment because they have the wow factor to push interest in the market. 

To learn more about different types of properties for sale, contact a real estate agent.

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Making Smart Choices By Following Real Estate Trends

If you like to keep up with the latest news in real estate, you'll learn about current trends when you read this blog. We aren't in the real estate business, but we do like to know what's going on in the world of real estate. We study updated newsletters and reports to find out the information we want to know. Typical articles on this site include information about the current housing market, mortgage rates and commercial sales. We believe the information on this site can help people who are interested in buying or selling property. By following the trends, they can make smart choices about matters concerning real estate.



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