A residential property is a building or a piece of land that is built primarily for the purpose of living. The building can either be used as a tenant accommodation or can be owner-occupied. Such buildings or lands are usually constructed in designated residential areas. This type of property caters to various preferences, lifestyles, and budgets. Whether one is a first-time homebuyer, or an investor, exploring for a second home, it is important to understand the different types of residential properties to make an informed decision. Now we will discuss the different types of residential properties.
What are the Different Types of Residential Properties?
Apartment or Flat
Residential units are usually available in multistoried buildings in crowded towns and larger cities. Multiple buildings are constructed within a boundary wall. All the apartments in the building have almost the same design. The building includes basic amenities like a playing area for kids, a grocery store, temple, gym, maintenance team, and a parking facility. The monthly maintenance fee is charged for all using the amenities. Apartments or flats have thriving communities. They are safer than the freehold residential properties as they are gated communities. All the important amenities available are available within reach and affordable.
Single-Family Home
This is also called a freehold residential property because it is free from the hold of any entity besides the owner. This type of residential property is built on a single lot and there are no shared walls. It has the main living area on the ground floor and the bedrooms on the first or the second floor. This type of residential properties can be built on your own or with the help of a contractor.
Bungalow
A bungalow therefore refers to the residential properties that have one storey, or even a cabin-like appearance. It can contain one large hall or several halls. The main difference between a bungalow and a freehold residential house is that the former does not have more than one above-ground stories and all the rooms of a bungalow are located on this ground level. Bungalows can also mean villas or row houses. With its simpler layout, a bungalow is easier to maintain. It often features ample open space around the property, offering greater privacy and promoting a healthier living environment.
Condominium
A condominium is similar to a house inside a larger building, with multiple homes within the same structure. Unlike apartments, condominiums can have multiple floors, and each unit may have a unique design. You may have to share walls with neighbors. Typically, a homeowners’ association manages the entire building, and shared amenities such as a swimming pool, recreational spaces, parking, and power backup are available to all residents.
Multi-Family Home
In a multi-family home, several families come together to contribute and build the property. It can either have multiple floors or consist of a row of houses, with each unit owned by an individual family. These units may have separate entrances and exits, or share a common entrance if there is a communal area. The design of the multi-family home is typically decided by mutual agreement among the families involved. These homes are ideal for joint families, where siblings can each have their own unit. Alternatively, a single family can buy a multi-family home and rent out the other units.
Conclusion
There are many options for residential properties available in the real estate market. It is important to know the different types of residential property to make an informed decision. Jain Oncor offers experienced real estate agents that help their clients find the perfect residential property. They negotiate and bring one of the best property deals. Consult a skilled and highly experienced real estate agent from our website at https://www.jainoncor.com/