Residential property or residential real estate, as the name suggests, is real estate that is primarily used for residential purposes.
Types of residential property
Any structure or dwelling used for people to stay in can, strictly speaking, be called a residential property or residential real estate. The residences can be classified based on a number of parameters. These include the type of ownership, the size of the dwelling etc.
Generally speaking, the various residences can be classified under the following headings.
Attached or multi unit dwellings:
Apartments – The world is becoming smaller; and so are our houses. The palatial villas and detached houses of the years gone by have given way to the more practical and infinitely more suitable apartments (ore flats if you prefer to use the Queen’s English). The primary feature that sets apart apartments from other types of houses is the fact that it is a part of a larger building and is a self contained housing unit.
Terraced houses – A number of multi storied buildings with shared walls.
Condominium – Condominiums are not a different type of dwelling in terms of design. Instead the difference lies in the fact that whereas the apartment itself is owned by the owner, the common facilities such as hallways, heating system and elevators etc. are shared.
Duplex – These are a set of two units which share a common wall.
These are houses that can be moved around and consist of mobile homes, houseboats and tents.
Any and all of these types of dwellings can be termed ‘residential real estate’.
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