When it comes to different house types, each one has its own characteristics, its own utility, and purpose. As a real estate agent, I can tell you that understanding the key features of each type is crucial to doing business in the industry.
Apartment – A type of multi-unit housing. Units in an apartment building are typically arranged around common areas such as stairwells and elevators. Apartment building design varies widely depending on the historical period when it was built. Rent usually includes management, maintenance, and insurance, in addition, to rent collected.
Condo – A type of multi-unit housing where individual units are owned as opposed to rented. Like apartments, condos also have common spaces such as roof decks and gyms. Like a house, the exterior is maintained by the association fees paid by condo owners. Condo ownership entitles you to a percentage of the overall building space that will be your unit, private storage space within the complex, and access to shared amenities.
Single Family Home – A free-standing residential structure that does not have any other dwellings or structures attached to it. This is the opposite of row homes, townhomes, duplexes, triplexes, and apartment complexes. These are usually more common in suburban or rural areas than urban ones because they require additional space for things like driveways, lawns, and garages.
Co-op – A legal entity, usually a corporation, which owns all or part of a building, and may also be referred to as “the co-op.” The corporation has shareholders, who may be either individuals or other corporations. Co-op shares can be bought and sold on the open market just like common stock in a public company.
Townhome – Townhomes are essentially a cross between row homes and single-family properties. They’re generally bigger than row homes, but smaller than large single-family homes. Townhouses can be attached or detached and usually have two to three stories, just like rowhomes.
Duplex – A home that is divided into two separate parts for two tenants to occupy. Some duplexes are designed with each tenant occupying an entire floor while others have both the first and second floors combined into one unit with two separate entrances for each tenant.
Tiny Home – Tiny homes are becoming increasingly popular as a low-cost housing solution. These homes are generally 200 square feet or less, including the bathroom and kitchen.
Single Family – A home that is part of an estate in which there is only one house. Generally speaking, single-family homes are detached from other houses on any given lot or property.
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