Residential real estates are classified as primary residence or investment properties. Primary residences are occupied by the owner while an investment property is solely rented out to tenants. There are multi-unit primary residences wherein the owner occupies one unit and a tenant occupies the other unit.
Types of Residential Real Estate
- Single-Family Residences – This is the most common type of residential real estate. It is occupied by a single family. It does not share walls or common areas with other neighboring houses. There is a land separation from all sides of the house and nothing above or below it that does not belong to the house.
- Townhouses – This is a single-family dwelling. It has two floors. It shares walls with the annex dwelling with almost identical properties. There is an outdoor and backdoor space. The dwelling share the same front road or street.
- Condominiums – It is an apartment house or a multiple-unit complex of dwellings. Each unit is individually owned. Owners have a common ground and areas within the complex and owned jointly.
- Vacation Homes – These are houses usually found in beach resorts and privately owned by individuals. However, they may also rent out these houses to other users.
- Condotels – It is a combination of a condominium and a hotel. Although the units are individually owned, they have a common registration desk or concierge. They also have daily cleaning services, food and telephone services. Most buyers of condotels use their unit for short-term occupancy such as when the stay in the city for business or other purposes, and go back to their permanent residence.
- Mobile Homes – These properties are constructed on a non-removable steel chassis so that they can be easily transported. These dwellings are usually located on a leased land such as trailer parks.
- Duplex Homes – These are only two units of dwelling, attached together with a common wall. However, like townhouses, both units have separate front yard and backyard separated by a fence.
- Multi-family houses – This is a multi-story building and each floor is a separate unit. What is common is the stairs or the elevator.
The size of residential real estate is not as large as commercial or industrial real estates. Usually the dwellings have a floor area of about 50 square meters for economical houses. However, there are large houses like mansions and palaces with much bigger floor areas.