4 Types of Apartments You Can Add to Your Portfolio
Suggestions from Your Apartment Building Insurance Team in Texas
Real estate investors are always looking for the next investment to round out their portfolios and the choices are vast. As an investor, you may have eyed retail strip centers, raw land for development, and apartment complexes. Within each category are many subcategories that you may not be aware of. Deciding on which way to go depends on how much you have to invest and the properties available.
As you begin your search for the perfect real estate investment, remember to discuss your plans with your knowledgeable broker at The Nowell Agency. We can give you a breakdown of policy options within your apartment building insurance for your Texas properties at reasonable rates.
4 Types of Apartment Buildings to Consider Investing In
If you are exploring this type of investment for the first time, here are the different types you can expect to find:
- Low-Rise: This type of investment is often found in suburban areas. Most often, they have four or fewer stories and don’t always have elevators. You may see one complex of several buildings spread out over a large area of land. Some examples include:
- Apartment complexes
- Single-story multiplexes
- Garden-style complexes
- Senior or subsidized housing
- Mid-Rise: If you’re looking for something a little bigger, the mid-rise group has between five and nine stories. One important feature they have includes elevators. You can find them in both urban and suburban areas. Examples are:
- Urban apartments near busy city centers
- Suburban apartments near shopping areas
- College dormitories
- Senior housing complexes
- Affordable and subsidized housing
- High-Rise: A more familiar sight in urban areas are high-rise apartment buildings. These are the ones you see with at least ten or more stories and are usually in busy metropolitan cities. Most of the time, you will find that these buildings exist where land is scarce and expensive. Instead of building out, you build up! A few examples include:
- Luxury apartments in city centers
- Long-term rentals and hotels
- Large university college dorms
- Subsidized or senior housing in the denser cities
- Mixed-Use: Mixed-use properties are structures with shops on the bottom level and apartments above. They are generally two or more stories high. The variety of purposes including, commercial, residential, parking, office space, industrial, and recreational.
Safeguard Your Texas Apartment Buildings with Insurance from The Nowell Agency
To get more return for your investment, you want to ensure you have the best coverage in place. No matter if you choose a low-rise, mid-rise, high-rise, or multi-use property, apartment building insurance should be your next step. Contact us at The Nowell Agency and take advantage of our over 30 years of experience to get what you need so that you can enjoy peace of mind.
Call one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency about purchasing apartment building insurance in Texas for your next investment. Request a quote online.