Common Real Estate Property Types to Know About

When buying a home, it can seem like there are a million options for prospective Apsen Woods homeowners to pursue. Before homeowners can decide what home they want, first they have to decide what type of home they want. Here are a few different types of homes to consider for your next residence.

Single-Family Homes

Single-family homes are the classic home option for homeowners. These homes are defined as a structure housing a single family without connecting to any other homes or living spaces. This is the most common real estate property type, which allows owners to have full control of their property.

Because homeowners with single-family homes have full control of the house and the surrounding land, they have full control over what happens on the property. They can renovate the house at their own leisure, build swimming pools, plant or cut down trees, and more. However, they are also liable for all damages and necessary repairs, such as replacing roofs, fixing broken windows, and more.

Condos

Condos are another viable real estate property type for those who want a home with less maintenance. Ownership of the land a condominium complex is on is split between all the condo owners, with each resident having ownership of their individual unit.

Condos are a good choice for homeowners because they allow homeowners full control of renovating and maintaining their individual unit, while being off the hook for any maintenance and repairs necessary on the exterior. By paying condo fees, the cost of repairs is shared between residents, reducing the burden. However, homeowners don't have any control over the exterior design and live in close quarters with their neighbors, often similarly to an apartment complex.

Townhomes

Townhomes serve as a hybridization of condos and single-family homes. In townhomes, homeowners share walls with other households, but they have full control of the interior walls, roof, and lawn of their home, unlike with condos, where only the walls are owned.

Townhomes allow greater control over a home for people who want to maintain both the interior and exterior of a space. It makes a viable stepping stone for people who want to build equity before moving to larger homes or make great homes for people who would prefer to live in a smaller, more easily managed space.

Duplexes, Triplexes, & Multiplexes

Duplexes, triplexes, and multiplexes are all property types designed to host multiple families. Many are often commercially rented out, either with all units being leased or all but one unit being leased with the last being occupied by the owner. These buildings can be financially rewarding for homeowners looking to subsidize the cost of living in the area or who want additional income through real estate.

Of course, living in or owning a multiplex can have its difficulties, too: homeowners will be in charge of various leases if they choose to rent out to others, with all the laws and regulations that apply to such. There will also be a larger property to maintain, possibly resulting in greater expenses in making it habitable for 2+ families.

Speak With a Real Estate Agent to Find the Right Home Today

With so many options, it's easy to get overwhelmed with what type of home you want. Speak to a licensed real estate professional today to determine which real estate property type is the best for your household. By constructing a home-buying wishlist and speaking with a professional, you'll be able to find the right home for you today.