Being discussed in the previous post entitled “Types of Real Estate Properties: An Overview”, it has generally defined and share what are the (3) types of real estate properties that are present in the housing market. And to further give the readers a profound discussion about realty properties, we will then discuss only the two major types of properties, which is the residential and commercial properties, which can be helpful for both California real estate license first time students, or South Carolina Real Estate CE individuals currently reviewing for their nearing license renewal exams and courses. In this post, we will first talk about the aspect of Residential Properties.
What is residential property?
If you have read the previous post on the overview of real estate properties, it has defined residential properties as the most common type of property in the realty market. This is because such type of property is mostly intended for residential housing and homage of families or individuals, either via renting or buying/ownership.
Here are some classifications of Residential Properties:
1. Single Family Detached Home – also known as a free standing residential building. The term is coined since “single family” means a type of home that is occupied and is usually occupied only by one household or family. It is then attached with the term “detached” because unlike duplexes, triplexes and four-plexes, it does not share any inside walls with another house and no other linked or connected house at all. Most single-detached residential properties are built on large lot areas, also called yards.
2. Duplex Property – is an apartment type of residential property wherein it has two units configured in a side-by-side, sharing one wall, and can be a dwelling for two families. Duplex property has different terms depending on certain cities, especially in the US. Duplex, as a term, may also mean specifically to a building with one unit built above another unit. While in some US state, the term is not mostly used, and instead uses the term “Two-Family Dwelling” and “Two-Flat”, while some do not actually define it or use the term in same concepts of residential property. Duplex properties can also be extended into three (triplexes), four (four-plexes) and more.
3. Condominiums – is a type of residential property and a form of housing tenure wherein specific parts of a certain piece of a residential realty property is individually owned by different entities, family, or individual with general access to specific facilities that is within the premises of the property and with legal rights given to the owners as part of their ownership in the piece of land/property. Condo units are same with apartment buildings. The only difference is that the legal term used in the US to describe such apartment type of residential property is the term “condominiums”.
4. Townhouse – is the term coined for a type of residential property commonly owned by families or individuals that are elite or member of an aristocratic government or residence.
5. Manufacture Homes – or commonly known also as mobile homes, is a type of residential property that is already pre-fabricated and assembled in factories before being transported and delivered to sites where it will be used for different housing purposes like relocations, etc.
6. Multi-Family Housing – is a type of residential property that consists of multiple housing units mostly used for family or individuals residence. Most type of multi-family are on large buildings having multiple complex to support housing units. Condominiums are considered as a type of multi-family housing but the most common form of it is through apartment buildings.
7. Retail Space – is a type of residential property that is rented out by actual owners for business use of those who are renting the space.
8. Office Building and Complexes – is a type of property mostly used for office space through large and small companies – and for their operational purposes. This could be a building space, or just a unit space rented or owned by several company.
There are lots of other classification of residential properties, and they all depend on the purpose of how the space or property was used for and used to.
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