Types of Real Estate Properties

The term “real estate” is a legal term that is defined as a property that is made up of the land and the buildings within it, along with any natural resources attached to it. It could also be defined as any building or type of dwelling in general or the business of buying, selling, or renting these buildings or type of dwellings. The most common type of real estate that people are normally interested in is residential real estate.

real estateResidential real estate is defined as any type of building or property that can be occupied by a single or multifamily structure for any purposes not pertaining to business. There are four types of dwellings that are commonly built, seen, and lived in today. Under these four types are the specific types of dwellings, differentiated by their design, structure, size, and their relationship with the other types of property around them.

The Four Dwelling Types
Attached or Multi-Unit

•    Apartments or flats

An apartment or flat is a type of dwelling that consists of a single unit inside a multi-story, multi-unit building. The smallest type of apartment is the studio or studio flat, which is just one large room that acts as the living room, kitchen, and bedroom, with the smaller bathroom as a separate room. Industrial or commercial buildings that are transformed into apartments are typically called lofts, which are favored by artists or musicians as they could set up their studios in the large space. The apartment on the top floor of a building is called the penthouse, which is differentiated from the other units with its usually luxurious atmosphere and design.

•    Townhouse

Some of the other names for a townhouse include a terraced house, a row house, or linked houses. This type of dwelling is characterized by its rows of identical or mirrored houses that all share their side walls with each other. Unlike apartments, townhouses do not have any other units below or above them.

•    Condominium

The condominium is very similar to the apartment style of dwelling, though aside from the units being housed in one building, the grounds and other facilities are also shared among all residents. For instance, a condominium could have pools, a café, and a football field which could be used by the condominiums inhabitants. Another difference between a condominium and an apartment is the type of ownership. The residents within the condominium own their units or are sold their own units, while the apartment building is owned by a landlord and rents it out to tenants. As such, condominiums tend to be more luxurious or are of higher-quality than apartment buildings since the target markets are very different.

Semi-detached

•    Duplex

A duplex is a type of dwelling with complete apartments, two separate entrances, and one common wall to divide the two households living there. A two-story house may be a duplex, as long as each floor is its own complete apartment. It is possible for a duplex to be composed of three or more units, somewhat blurring the line between it and an apartment building. However, duplexes typically are the size of an average detached house as opposed to the larger, taller apartment buildings.

Single-Family Residence

This type of dwelling is usually defined as a building occupied by a single family or household and houses a single unit inside, although this could be changed without affecting the characteristic of having only one family living inside. Also called a single-family detached house or a separate house, this residence is typically built on lots larger than the house itself, with the surrounding area designated as the yard or garden. It could also house its own garage.

Mobile or Portable

•    Mobile homes

Also called a trailer or a trailer home, these types of dwellings are premade in the factory before being transported to a place. They could be used as permanent houses or moved from place to place when the need arises, whether it’s for legal reasons or a person is renting one for his vacation.

•    Houseboats

As the name implies, a houseboat is a type of dwelling which was originally a boat that has been transformed into a house. Some of these houseboats could be motorized (using gasoline) and can be moved from place to place, while others are kept moored or tethered to land in order to access utilities such as water and electricity. There are also houseboats that come equipped with their own generators. Houseboats could come in all shapes and sizes, though usually they are smaller than an average house. li realestatefinder, here you can get details of real estate properties easily !!