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What Type Of Real Estate Am I Really Buying?

May 13, 2008
When you are getting ready to purchase a piece of residential real estate, you should bear in mind that there are several different types of residential properties that you can choose from. The most common types of residential real estate include single-family dwellings, condominiums, villas and townhouses. Each type of real estate that comes under residential category has its own sets of pros and cons.

Single Family Dwelling

Residential real estate lots that are listed as single-family dwellings are homes that are not attached to other houses. They are typically positioned on its very own lot. The lot size that the house is positioned on is determined by specifications that are specified by the governing township. When a piece of residential real estate is listed as a single family dwelling the house is not approved for more then one family living in it at a time. It is not meant to be divided into multiple apartments.

Single-family dwellings are the most common type of residential real estate in the United States. The advantages of single-family dwellings are that you have your own space and privacy, you will not have to pay a property manager, and you are free to make your own improvements and expansions. The disadvantages to owning a single-family dwelling is that you are responsible for taking care of all of the maintenance, there are not any amenities, you have to deal with landscaping, and residential real estate that is listed as a single family dwelling is usually more expensive then a townhouse or condo.

Condominiums

When a realtor tells you that they are going to show you a piece of residential real estate that is listed as a condominium it mean that you are basically going to look at an apartment. What makes a condo different from an apartment is that you own the condominium, and rent an apartment. The reason so many people prefer condos over other types of residential real estate is because they aren't responsible for upkeep and maintenance, most condominiums include amenities like pools and laundry facilities, and that the condos are normally more reasonable priced then single family dwellings. The down side to condominiums is that you have to pay fees to the condo association, there is a lack of privacy, the only thing you own is your actual living space, the building itself is owned by a landlord, when you want to move it can be difficult to sell your condo.

Townhouses

Residential real estate that is listed as a townhouse property represents a property that is a sort of compromise between a single-family dwelling and a condo. A townhouse is a line of houses that are connected to one another; they are single-family dwellings that are attached. The upside of a townhouse is that they require a minimum amount of repair, security, and some townhouse structures include amenities. The downside of townhouses are the homeowners fees you are expected to pay, lack of privacy, and you are unable to choose an individual looking exterior for your home.
About the Author
John is a writer and contributor to Real Estate Connecticut and Connecticut Homes for Sale.
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