Residential Real Estate simply refers to single family homes, condominiums and townhouses. A common misconception is that apartment buildings fall into this category, however, apartment buildings are commercial buildings.
Single Family Homes
The stand-alone houses most commonly thought of when referring to residential real estate are called single family homes. Aside from not having the size limitations common to condominiums, single family houses provide a level of privacy that condominiums and townhouses cannot. Single-family houses also tend to have yards, making them ideal for family’s with pets or for those who enjoy spending time outdoors.
Condominiums, or condo’s for short, are similar to apartments in structure and size but the resident has an ownership stake in the property. Condo’s usually have Home Owner’s Association (HOA) fees that must be accounted for when budgeting. The more luxurious the amenities, the higher the HOA fees. Amenities might include access to a fitness center, pool, business center, etc…
Townhouses share the qualities of both condo’s and single family homes. Usually as large as single family homes, townhouse’s share at least one wall with a neighboring property and are often located within small, gated communities. Though limited in outdoor space, townhouses have yards generally much smaller than single family homes. Though much lower than HOA fees associated with condominiums, townhouses often have HOA or HOD (Home owner Dues) fees.