Learn About Different Types of Property for Home Buyers
- You own a unit (solely) within a larger complex, complete with common areas owned jointly with all other unit owners. *an apartment is rented out, not for sale. An apartment can have the identical appearance of a condo, the difference is, individual ownership vs. renters from the building owner/landlord. A townhouse is generally a tall, often 3-story (or more) home that can share walls with its neighbors, or not. A townhouse will most likely sit in a planned community with common areas etc. Either will have an HOA (Home Owner’s Association) which means additional monthly fees and rules!
- Single-Family Residence
- This is a stand-alone house. It can have common areas off the property itself and be subject to an HOA as well.
- Mobile/Manufactured homes
- These can be called by a number of different names; pre-fabricated / pre-fab. houses, trailers Etc. They can sit on several different types of land; mobile home park, leased land or on owned land. If the mobile home is in a mobile home park, there is an HOA, and you don’t own the land, you lease it from the park. If the mobile home is on leased land, there may not be an HOA, but you still rent the land from the landlord. If the Mobile home is located on owned land, then you own the lot and the mobile home much in the same way that a single-family residence is owned. *if the mobile home is bought new from the manufacturer and moved to a lot that you own, you may be able to convert the mobile home to real property – meaning it will be owned and sold as residential property rather than owning a vacant lot with “improvements” or in this case a mobile home on it. Real property ownership is worth more. Keep that in mind if you are shopping for one! The key word is convertible.
- New Construction
- Vacation Home or Second Home
- Whether you are considering a vacation or second home for a weekend escape or a family legacy property let your Exclusive Buyer’s Agent (EBA) guide you through the decision making process as well as the transaction assuring a smooth and enjoyable experience.
- Luxury Property
- What exactly is a “luxury” home? While most home buyers would believe it’s anything upward of $1 million or more, Luxury Home Digest might describe it best: “A luxury property must offer a superior location, a stunning property entry, significant architectural detail, fine décor’, decadent amenities, excellent entertainment areas, lovely grounds, and myriad other details that help a home stand out from the ordinary.”
- Investment Property
- An Exclusive Buyer Agent can help you find excellent real estate investment opportunities. Your EBA will also provide strategic market guidance and fiduciary representation, helping you obtain the property at the best price and terms that serve your interests.
- Foreclosed Property
- Retirement Living
- Short Sale
- Short sales are a relatively recent type of real estate transaction. They were almost unheard of prior to the property market melt down in 2006. Now they make up a significant portion of the homes for sale in many cities, and there are industry predictions that suggest they will be a large share of the market for at least another five years.
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