5 Common Types of Residential Properties

When buying a home, you need to know your preference and research the industry for available options. The real estate market has many buyer-friendly properties that you can buy. However, before you hire a realtor or go to an open house, it is important to know the various types of residential properties. Here are five common types of residential properties that you can buy.

1. Single-Family Detached Homes

This is the most standard property type in the market. They are usually stand-alone homes with large front and back yards. The compound is not shared by neighbors, giving you enough privacy. These houses also do not share electrical, cooling, plumbing, and heating systems. They give you the freedom to customize your homestead preference. If you love privacy and independence, this is the most reasonable property to buy.

2. Single-Family Semi-Detached Houses

Semi-detached homes are usually duplex houses joined by a single wall. They are less exclusive, cheaper, and smaller than detached homes. Besides the common wall, semi-detached houses offer you enough back and front yard spaces. They also have a roomy interior and allow you to customize as you see fit. If you are looking for a lower purchase but have a sense of freedom and privacy, these homes make an excellent choice.

3. Condominiums

Condos are also called multi-family residential homes. These real estate properties give you ownership of a house within a building complex. However, you will share amenities and facilities like water and electricity with the other residents. Also, you will have reduced privacy, space, and freedom. It is important to note that the title deed for condominium properties gives you ownership of the unit only and not the land.

4. Townhomes

Townhomes are individual dwelling units attached to one multi-unit complex. They are large, spacious, and self-contained, making them perfect for small families. They, however, have a smaller footprint than single-family detached and semi-detached homes. If you buy a pre-construction unit that is part of a bigger development, you may be able to customize the interior only.

5. Mobile Homes

These are typically manufactured homes. They are produced in factories and delivered to your place, whether leased or owned. Mobile homes are fast becoming popular due to their flexibility and cost. These homes do not have a fixed foundation, meaning you can move them whenever you want. However, they depreciate over time and are usually not considered a worthy investment.

Having in-depth knowledge of the different types of real estate properties is helpful before buying a home. More so, you will have the upper hand during your search and work well with your real estate agent.