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Residential Real Estate
The sale of a residential unit is generally the common real estate transaction among consumers. When deciding which property to buy, there are a number of residential real estate types that a homebuyer can choose from. These include single-family homes, condominiums, town homes, cooperatives and multifamily properties.
Single-family homes
A single family home is the most common form of residential real estate property in the United States. Most individuals who are just starting to build their real estate portfolios, or who have limited resources, choose to purchase single-family homes. This is due to the fact that single-family homes require a relatively small investment. The process of buying this type of property is less complicated compared to buying commercial real estate properties.
Condominiums
Condominiums are generally apartment-type units. There are a number of times when condominiums are actually converted into apartments. If you will opt to buy a condominium, then you will not only be purchasing a specific unit but also a share in common areas that include the recreation facilities, pool, laundry room and many others.
Town Homes
Town homes are also referred to as attached or row houses. As a town homes owner, you are required to follow requirements related to parking, gardens, pets, and even exterior paint colors.
Cooperatives
While cooperatives are akin to condominiums and apartments, you actually own a share of the entire building when you buy a cooperative share. You will be generally required to get an approval from the cooperative association before you can remodel or rent your own unit. Some cooperatives also require that prior consent be obtained from the association if you decide to sell your unit to a buyer.
These three types of residential real estate properties, condominiums, town homes and cooperatives, are referred to as shared housing which come with their own advantages and disadvantages.
Since the United States has a social policy which actively promotes home ownership, the government provides support to the home mortgage industry to facilitate financing for these properties and sweetens the inducement through substantial tax breaks. You may want to make sure that you have complete information and the best advice before you purchase any of the above properties. Engaging the services of an attorney can help you define and safeguard your property investments.