Monday, February 17, 2014

Major Types of Residential Real Estate Properties

If you are thinking of investing in a real estate property, one of the first things to consider is the type of property you want to buy. Are you looking for a commercial real estate or a residential real estate property? If you decide that you want to invest in a residential property, then here are some of its various types you should also consider before investing in one.

1. Single Family Residence

This kind of property is the most usual type of real estate bought by homebuyers who are just starting their own family. Because it is the most common type, it is also the cheapest kind of residential property. It only supports single housing and there is a land separation from each side of the property. The walls are not shared with any neighboring houses and other properties around.

2. Condominium

With this kind of property, the occupant has a single ownership in one of the housing units of the building. The property has a common area where all the owners and dwellers in the place can have equal access to. The residents will need to pay the association fees for the maintenance and improvements of the common area. Some facilities included in the common area are swimming pool, tennis courts, walkways, spa and others. This kind of property tends to have higher costs. If you are planning to get a loan for a condominium, most of the lenders, banks and other financers actually offer higher interest rates when financing for a condominium unit.

3. Townhouse

Townhouses are like single-family residences, but usually, it is a two-storey house sharing a sidewall with an identical property. It has similarities with condominiums because occupants of each property can also have shared access to a common area like a tennis court, a swimming pool and more. On the other hand, its difference from a condominium is that there are no other units below or above the property. Moreover, one of the townhouse's feature is that is has space for the outdoor, found behind and in front of the house.

4. Vacation Homes

This type of residential property is also called second home. This is only like an additional property for the buyer as they already have a primary residential property that serves as their permanent house. Vacation homes can be a townhouse, a condominium or another single-family residence property. They are often located near beach resorts and recreation and tourist areas. Most often, the owners only occupy the place during summer or holiday seasons for a family vacation. For this reason, most owners of a vacation house decide to rent out the place to tourists and vacationers whenever they are not using it.

If you want to see various styles and architectures for the different types of real estate properties, you can visit Rancho Santa Fe homes for sale in California. For sure, you will find in there several of the most stunning yet affordable Rancho Sante Fe real estate properties that you will definitely consider buying.