Today we are going to dig into the different types of housing units that are out there. While single family homes are by far the most common, there are many other types of dwellings. Apartments, condo’s, Co-op’s, and mobile homes are just a few examples. Lets talk about each one in a bit more detail.
Single family homes are the most common types of property for residential real estate. Town homes or Patio homes are single family dwellings that share at least one wall. Sometimes this can include two separate homes or four or even more.
Apartment complexes are usually groups of buildings with multiple units in each building. The building may or may not be multi-story or even a high rise tower. Most complexes include parking. Some apartment complexes include the use of a clubhouse, swimming pool, tennis courts, and exercise facilities. Apartments are usually leased for a specified amount of time while ownership resides with the landlord or property owner. The property owner may hire a person or company as a property manager who oversees the day to day operations of the apartment complex including showing available units and arranging maintenance for current lessees.
Condominiums are similar to apartment complexes with the major difference being that condo’s are purchased instead of leased. They can have many of the same amenities as apartment complexes as well. Condo’s are purchased in the same manner single family homes are purchased. Condo owners share ownership and use of the common facilities, but while they are considered part owners of these common elements, that does not mean they have any right to divide them. Condo’s are great alternatives to folks who cannot afford a single standing home but still want all of the benefits of ownership
A Planned Unit Development or PUD blend different land uses including housing, recreation, and commercial units into one contained development. This can be as small as one little building or an entire city depending on zoning. Owners do not share ownership in the common areas like they do in condominiums.
Retirement communities are usually located in temperate areas are sometimes designed as PUD’s. This provides seniors with shopping, recreation, and dining all in a centralized area.
High Rise Developments sometimes called Multi Use Developments or MUD’s can combine office space, retail outlets, and apartments in a single vertical community building. These communities are sometimes self contained with their own laundry, restaurants, shops, beauty parlors, swimming pools, and other services.
Converted Use Properties are factories, warehouses, office buildings and other non residential structures that have been converted into residential use properties. This can be an alternative to destroying or demolishing structures. Large warehouses have been converted into luxury apartments by savvy developers.
Manufactured Housing including mobile homes have become increasingly attractive. Before thought of as temporary residences are now built on permanent foundations with connections for utilities including gas, electric, and water.
Modular Homes or Prefabricated Homes are actually built off site and driven to the building site. After the frame is assembled workers finish the structure and connect utilities. This method creates homes that are very similar but at a reduced cost to a standard built home.
Time Shares are properties that are owned by multiple owners that are entitled to use the property for a particular amount of time for the year, usually in terms of weeks. Owners pay an annual maintenance fee in addition to their purchase price. Most time shares are used as vacation homes or investments.
Now that we have an idea of all of the different types of housing out there we will take a look at what forces out there drive our decision to buy real estate.
