Residential Real Estate
Within real estate there are two major types. The first being residential real estate and the second being commercial real estate. Here we will discuss residential real estate. Residential real estate consists of property such as land, or land with buildings on it that has been excluded for residential use only. This includes single-family homes, multi-family homes, condominiums, and townhomes.
Single-family Homes
The most common type of residential real estate is single-family homes, otherwise known as standalone homes. These homes are not attached to another residence and they do not share walls with any other home.
Most neighborhoods consist of single-family homes that are detached and separated by yards and fences. The purchase price you pay for a single family home includes the plot of land that the home is sitting on. The land typically has enough space for a front yard, back yard, and two side yards. Depending on where you purchase your home depends on the size of your yard. If you purchase a single family home in a mater-planned community you most likely will not have as much of a front, back, and side yards as you would if you purchased a home in a more rural area.
Another aspect of single-family homes is that you have direct access to your home from a street, unlike in a condo or sometimes townhome. This also means you will have a driveway with either a garage, detached garage, or carport. Privacy is a huge benefit to single-family homes. With no shared walls you have plenty of separation between your neighbors and yourself. Add in a fence and you have even more privacy. With a fence you can put in a swimming pool and enjoy lazy afternoons with your family. Neighbors won’t be able to just walk outside and see what all you and your family are busy doing. With a single-family home there is also the option to expand at any time depending on your neighborhood and possible homeowners association rules. This allows for plenty of freedom and endless opportunities.
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Multi-family homes
The next type of residential real estate is multi-family homes. These homes are single buildings that are divided into two, three, or up to four separate living spaces. Anything over four is usually considered a commercial property.
Each living space has its own kitchen, bathrooms, entrance, and even its own address. The entrance may be at the front of the house, side, back, or upstairs. A lot of multi-family homes initially started as very large single-family homes. Over time either the original owner or new property owner divided the home into multiple living spaces.
Multi-family homes separated into two living spaces are called duplexes. Duplexes can either be side by side or one on top of the other. A wall, floor, or ceiling separates the units and they have their own entrances. The yards and garages can either be separate or shared. A triplex is very similar to a duplex but instead of two units it has three units of living space. Another difference between a duplex and triplex is that one of the units can share two walls instead of both units only sharing one wall. It is the same in that each living space has its own kitchen, bathrooms, entrance, and address.
Multi-family homes are great for multi-generational families that want to stay close to each other without having to buy multiple properties. Multi-family homes are also great for those considering investing in rental properties. It is a nice transition for those new to rental property ownership since you can live in one of the units, rent free depending on what rates you charge.
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Condominiums
Condominiums are another type of residential real estate. Most often they are referred to as a “condo”. Condos are building structures, much like apartments, that have been divided into multiple units.
The difference between condos and apartment buildings is that condo residents actually own their units. They do not pay rent to a landlord or apartment company.
Condos have common areas that are equally owned by all of the condo residents. This includes pools, fitness centers, hallways, walkways, laundry rooms, activity rooms, etc. The responsibility of maintaining utilities like water, air conditioning, elevators, fire extinguishers, and fire detectors also all fall onto the condo owner’s.
Most condos have homeowner associations that take care of any issues that arise. Condos are ideal for homebuyers that are looking for their property they can own but without all of the up keep that comes with owning a single-family home. There are no lawns needing mowing or landscaping and no gutters to clean out. Costly foundation repairs are of no concern to a condo owner. Condos are mostly found in urban areas as well so it comes with the perks of city life living and all the activities that come with it. Condos are often less expensive then single-family homes so they are a great option when looking for a permanent residence.
Townhomes
A townhome is a wonderful choice in the residential real estate arsenal. Townhomes are either single or multi-floored homes that have between one and two connected walls. If you luck out with a corner unit then you only share one wall with your neighbor.
Townhomes have their own entrances and usually have designated parking spots. A big plus that townhomes have over condos and apartments is that they typically come with a front yard area and some sort of backyard space. Some even come with a small backyard or a covered patio.
Townhomes can have great amenities like pools, fitness centers, and clubhouses. A lot of townhome communities have homeowner associations that take care of lawn maintenance, exterior maintenance, like paint touchups, and small home repairs.
Townhomes are great for first time homebuyers or buyers who can’t afford a single-family home. They are also larger then most condos so they are a nice option for homebuyers who want that extra living space. Whether you are looking for a single-family home, multi-family home, condominium, or townhome, there is something for everyone within residential real estate.
