Residential Types

When working with a residential property, it’s important to understand the type of property and the nuances associated with that type. Residential real estate includes any property that is zoned by the local authorities for dwelling use or potential dwelling use. This would include the standard home, individual condominiums, vacant land that could be developed into a home or multi-family apartment buildings with no greater than four units.

Single-Family Homes 

This type of structure is a individual dwelling of various sizes that have no shared walls and are on a independent lot with unique parcel number. These properties could have a attached or detached garage or accessory dwelling unit. Single family homes may also be referred as SFH or SFR’s in abbreviation.

Condos

Condominiums (also known as “condos”) are individual units within a larger building or community. Condos share a wall or two with other units, and generally come with homeowners’ associations (HOAs), which require the residents to pay monthly or yearly dues. They are popular in urban, high-density areas, where there are many restaurants and shops.

Co-ops

Cooperatives, or co-ops, are a slightly different way of holding a title to a shared building. With a condo, you own the space within your unit, but with a co-op, everyone owns the building together. Because of the shared responsibility, there’s often an interview process to become part of the community and restrictions on the sale or use.

Land

Vacant land is property zoned for a residential or mixed use with a unique parcel or combination of vacant parcels. These properties may have restrictions on what can be built and require due diligence to ensure buyers understand the nuances, hazards and restrictions of what can be developed. 

Townhome

Townhouses are a hybrid between a condo and a single-family home. They are often multiple floors, with one or two shared walls, and some have a small yard space or rooftop deck. They’re generally larger than a condo, but smaller than a single-family home.

Mobile Home

These may or may not include a parcel of land under the mobile home. Generally these homes are smaller and can be moved to a new parcel of land. These sales will generally include the structure along with a lease or purchase of the underlying real asset.

Multi-Family

Multi-family homes are the least common type of residential building. They are essentially a home that has been turned into two or more units. They can be townhouse-style or have multiple floors, and range in size from a duplex to a four-plex; anything more than four units is considered commercial. Some multi-family homes have a separate entrance for each unit, while some share a main entrance. The distinction between multi-family units and condos is that the units can’t be purchased individually; there’s one owner for the whole building.