Two-thirds of our home planet is covered by water, leaving approximately 33.3% of our world that’s covered by land. While some of that land is uninhabitable, such as the mountains of the Rockies and the Appalachians, or the swamplands of Florida and Louisiana, a considerable portion of Earth’s land is capable of handling developments.
There are three types of properties that can be built on the inhabitable parts of Earth’s land. First, there are commercial real estate properties, where business is done. Among the types of commercial real estate are office buildings, retail centers, and apartment buildings. Then there are industrial buildings, such as research and development parks.
Perhaps most importantly of all, though, everybody needs a place to live, or reside, and thus, the exploding residential real estate market in the United States.
Let’s talk about the different types of residential real estate properties in a little more detail.
Single-family houses are typically among the most expensive places to live, but if you have kids, or you just want to settle down in a quiet, calm neighborhood, they may be exactly what you’re looking for. Single-family houses provide owners with the most freedom; the space and the structure that they live in belong to them. The form of recurring payment with them is the property tax you pay in order to own the house, rather than owing a landlord a monthly or yearly check.
Apartments, on the other hand, can be excellent options in the short term, if, say, you’re moving to a new city and you’re not sure if you want to stay there for a long period of time. Apartments are usually a single room, or a set of rooms divided up among a larger space, in a larger building that the person living there rents out. The major difference between apartments and houses is that apartment tenants don’t own the physical property and have to pay a landlord or property management company in order to live there.
In terms of the physical structure, condominiums are pretty much identical to apartments. The most important difference between them is that people who live in condominiums own the space they live in, and though the quarters are much tighter than single-family houses in a suburban or rural neighborhood, the ownership status much more closely resembles single-family houses.
Multi-family properties refer to physical structures that can accommodate two or more families living under the same roof, but with their own private space. Duplexes, triplexes, and even fourplexes allow you to pool your money with another family (or families) and split the cost of an existing structure, while each family receives adequate dwelling space.
Are you looking to buy or sell your home, and looking to find the right realtors to help you do so? Reach out to our team at Drew Sineath & Associates, and we’d be happy to help!