Properties come in all different shapes and sizes.
With that, finding the perfect place can be difficult when there are so many options for places! There are many factors that can play a huge role in what type of property you choose.
So, we have compiled a list of the 3 most popular types of properties and what they mean to you!
1. Single-Family Home
A single-family home is exactly what it says, a home for a single-family! But if you are looking for a more technical definition, according to the U.S. Census Bureau:
a single-family house is one that may be fully detached, semi-detached, a row house or a townhome.
However, for a dwelling that’s attached to other homes to be considered a single-family home, it “must be separated from the adjacent unit by a ground-to-roof wall.” With that, if you are one that likes to have their own space, then this type of home is the perfect fit for you.
Also known as a “flat”, apartments are many rooms forming one residence, typically in a building. According to the U.S Census Bureau, an apartment is “a group of rooms or a single room intended for occupancy as separate living quarters.”
With that, apartments are typically a perfect fit for a small family, roommates, a couple, or a single person! Apartments are typically found in urban areas and do not usually have a yard. However, apartments have a lot of benefits like extra amenities and convivence.
A condominium or “condo” for short, according to bankrate.com “is a privately-owned individual unit within a building of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators, outside hallways, and gyms, to name a few.”
So, now you may be thinking, “what is the difference between a condo and an apartment?” An apartment is typically rented, and a condo is usually a privately-owned property.
If an apartment seems like a great fit, but you are looking to buy, then a condo may be the way to go!
Adding Tenant Report into your applicant screening process helps mitigate a large amount of risk, giving you the information you need to make the best decision possible — at NO COST to you!
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