Residential properties are the homes that we live in. We raise our families in our residential property. We have gatherings with our relatives and our neighbors and sometimes we sell our starter home and move up to a bigger home as our families grows. In the United States of America, home ownership has always been something most people strive to attain. Having a Realtor who understands your dream and who can help you obtain it is something everyone deserves.

Abbe and Alan understand that owning a home is a dream. They also understand that owning a home can become stressful when you get in over your head. It’s great to dream, but it’s also great to be able to enjoy things in life besides your home. What is Residential Property? Residential property does not just mean a house. There are several types of residential properties one can purchase.

1. A free standing house is referred to as a Single Family Residence (SFR).  Most of the time, only one family will occupy a Single Family Residence. The home will have some number of bedrooms, bathrooms, sometimes a garage and a yard of some size. It can be on a large parcel of land, or it can have a small yard.

2. Townhouses are usually at least two levels and may have a deck or patio. Most often they don’t have a yard, but they could. A townhouse is similar to a Single Family Residence in size, but it
will be part of a community and there will be community maintenance to the common land and the unit’s exterior. Each Townhouse will be required to pay a monthly maintenance fee.

3. Condominiums are usually attached to other units, similar to an apartment in structure. There may a large building with several units within the building. Other than painting the inside walls and keeping up the interior, they are relatively maintenance free. However, you give something up for the convenience. Each condo owner is required to pay a monthly HOA fee which covers the common area upkeep, and sometimes will include cable or trash pickup. There are usually rules that must be followed by those who choose to live in a condo development.

4. Co-operatives – Co-ops tend to be more like condos, with the exception of the form of ownership. Unlike a condo where a a buyer owns 0ne particular living space, a CoOp, buyer owns a share of the undivided property.

5. Duplexes or Triplexes – These are sometimes referred to as multi family units. A buyer could purchase a Duplex, and live in one half while he or she leases out the other half of the duplex. It’s a great way to own a home without having to carry the expense of the home by yourself. A multi family property up to 4 units is typically considered residential property.  5 unit properties or greater are usually considered as commercial property.

 

Condo · SFR · Beachside home · Waterfront home · Golf oriented home · Boating oriented home · Equestrian home · Acreage · Multi-family home · Income property · Primary residence · Second home

Regardless of what kind of residential real estate you seek to buy or sell, Abbe and Alan Chane are ready, willing and able to help.

 

Residential Property Blog

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