Before you decide to invest in a home it is essential for you to have knowledge about the wide array of options laid out to you. You do not necessarily have to get a ‘huge house with a white picket fence' to satisfy your long cherished wish of a ‘dream home'. A home is again, not something you should purchase simply based on desire, but should be carefully thought through by taking into consideration your lifestyle, income, locational preferences etc. In this article we have listed out the different types of residential real estate, to make it easier for you to pick and choose.
- A SINGLE FAMILY HOME: Single-family homes can be defined as homes built on a single plot with no shared walls. You can either be the tenant of such a home or buy it and if you do, you practically own the house and the land it sits on and can do whatever you wish with it as long as it isn't against any state laws. Some are however in subdivisions that have their own set of regulations. The biggest advantages associated with family homes is the privacy and space it provides as well as the presence of front and back yards. These homes, however, require a lot of maintenance that falls entirely on the shoulders of the homeowner. Feeling hard to find a single family home in UK then use this postal code service to find your dream home
CONDOMINIUM: A condo is similar to an apartment but you have to actually BUY your own as the share of a building. In other words, a condo is a single, individual unit that’s part of a larger building or community. Condos have shared walls and some condo buildings have several floors with different owners living in units on each floor. They also come with HOA's or homeowners association which requires you to pay daily or monthly dues. Apart from the slight problem of having shared walls, condos are relatively detached and private.
DUPLEX: A duplex is a multiple residence building that has two separate residences, sometimes on two different floors. Some people purchase one side of a duplex property and convert it into a home, sometimes due to financial reasons. Investors too, sometimes purchase duplexes to earn rental income. Such multi-residential homes are perfect for those living in multi-generational households or those looking for an investment property.
APARTMENT BUILDING: Apartment buildings are very common in crowded urban settings and occupied by hundreds of people. They are of different sizes and prices and usually have something suiting everyone’s income and financial capability. Apartments are less private than a condo and are part of a shared space owned by everyone in the building.
TOWNHOUSE: These are a hybrid between a condo and a single family home. Each resident is attached to other adjacent ones like a condo and yet they are purchased as individual properties similar to a single family home. Each resident owner pays property tax and home maintenance on his own property.
