Real estate covers a wide range of different types of properties. Many people will buy, sell, or invest in at least one type of real estate in their lives, typically a residential property. Residential properties are structures that are built to accommodate an individual’s or family’s primary residence. But what kinds of residential properties are there? And why is it important for you to know? Continue reading to learn more about residential properties and why it is important for you to understand the different types.
Types Of Residential Properties
There are many different types of residential properties including single-family homes, multifamily units, townhouses, apartments, condominiums, and manufactured homes. The reason why it is important to understand the differences between these types of residential properties is that they are zoned differently, they each have their own special characteristics and features, and they will have drastically distinct price points.
The first and more common type of residential property is a single-family home. Single-family homes are what you would think of when you think of a quintessential American home. With most single-family homes, you will get a freestanding structure that sits on its own plot of land away from other buildings that is designed for one family to live in. Usually, owners of single-family homes will own both the land and the structure.
A multi-family home (sometimes referred to as a duplex, triplex, etc.) is another type of dwelling that can accommodate anywhere from two to five families in different units. The units are typically connected on the property, either wall-to-wall or floor-to-ceiling. There may also be units that are separated but are located on the same plot of land. Each unit will have its own private entrance, bathrooms, kitchens, and bedroom spaces.
Townhouses, which are also referred to as townhomes, are similar to multi-family homes. They have two walls that they share with neighbors on either side of the home, unless they are at the end of the development. Townhouses are slim, vertical, and have multiple floors. People living in townhouses usually own their own townhouse and the land beneath it, but not the land next to it.
Apartments are singular units that are part of a larger building and are generally on one story. Typically apartment buildings are owned by a landlord and apartments are occupied by tenants that pay rent to the landlord. The common space in an apartment building is typically maintained by the landlord as well as any maintenance issues within an apartment (broken lightbulb, plumbing issues, etc.).
Condominiums are often called condos and are similar to apartments in style. They are also units that make up a larger building, but those that live in condominiums typically own their condo and build equity each month, until they eventually pay it off. Condo owners only own the space within their unit and common space is typically cared for by a homeowners association.
Are You Looking To Buy A Home?
If you are looking to buy a new home, we at Premier Utah Real Estate would love to be of assistance to you. Our team is talented, experienced, and knowledgeable when it comes to the real estate market, meaning we will be able to help you find the perfect home for your situation. We can be at your side for every part of the sometimes confusing buying process. If you are interested in learning more about our services, feel free to reach out to us today.
If you would like to learn more about the different types of residential properties, feel free to check out this article.