Types of Residential Real Estate

Buying a new home is one of the most important decisions that a family makes. For those who are buying a home outright with cash it represents a huge investment. However, for families who opt for home loans, this could mean years of financial commitment to the project. This is why choosing a home which does not only meet your budget but one which is specifically designed for your family’s needs is equally important.

Single Family Residence 

The most popular of all types of residential properties, single family residences are homes located in a single lot enclosure with well defined boundaries. Typical single family residences contain a driveway with garage, and a front and back yard. These are usually located in suburban communities a few minute drive from commercial areas.

Condominiums

Similar to apartments except that the rights of the property are transferred to the homeowner. These are usually in the form of home spaces located in a building with a common parking space and access to the building. Each floor of the building may contain several condos occupied by different families. Homeowners do not pay rent on their properties but depending on the condominiums policies, monthly charges for upkeep such as maintenance and security might be required.

Duplex Property

Duplex property is type of residential property where two homes share a common wall. Homes are not completely detached as those seen single residential homes but are two separate homes nonetheless. Depending on how they are designed, duplex homes have their own garage and driveways, with front and back lawns with a simple wall serving as a boundary between the properties.

Townhouse Property

These are rows of homes with homes sharing a common wall with the home directly beside it. Typically double storied with living and dining rooms located on the first floor and bedrooms on the upper floor. Townhouses have their roots in Europe where the city’s limited spaces brought about this home design.

Manufactured Home Property

With advancements in home construction, homes are now being built at a faster pace. Semi-built homes are now trucked to a location where they are finally assembled. Depending on their designs, they might come in the form of single family residences to townhouses.

Additional sources for information on general topics in Real Estate and the Housing Market in Florida: visit the website at Sarasota Real Estate.