Residential Property Types

Residential Property Types

Residential property types vary with mobility, the number of occupants and adjacency to neighbors. It is crucial to planning and select the right category of residential property as a realty investment. The multitude of apartments for rent in Murfreesboro TN is an excellent choice for top-class multi-family residence.

Budget, return on investments, location, and personal preferences play a pivotal role in choosing a residential property. It is essential to keep these factors in mind before making the actual choice.

The primary classification of residential property types include:

  1. Properties based on mobility

Mobile homes they are convenient, moveable, and have light construction elements. Some typical examples are tents, houseboats, and cabins. A major demerit of mobiles homes is that they have very low resale values when compared to the other forms of residential property types.

Prefabricated homes As the name suggests, prefabricated homes are properties that are built in a manufacturing facility and transported to a site after fabrication. The pros are high design, portability, and less cost, whereas the major con is that they offer very fewer customer-specific modifications.

  1. Properties based on the number of occupants and adjacency to neighbors

Single-family homes and multiple family homes represent the broader categorization of residential properties based on the count of residents and the proximity of neighboring walls.

Single family homes Mansions, villas, and cottages are typical examples of single family homes. They represent the most popular residential property comprising a detached, freestanding building equipped with a backyard. Though they are expensive and incur high maintenance cost, their resale value is equally significant and competitive, and they have the major advantage of freedom from loud next-door neighbors.

Multiple-family homes Townhouses, condominiums, and apartments are typical examples of multiple family homes. In such property types, the individual residential units are attached to one another within an elaborate or as a single building.

Townhouse It includes identical row of houses with shared, side-to-side walls. It is also called a terraced house or a row house.

Condominium Often confused with an apartment; a condominium is a property type that is owned by an individual rather than rented. Every home encourages community living and arranges an ordinary homeowner’s association committee.

Apartment The most famous residential property next to single family homes, an apartment comprises individual residential units built in multi-stories with the units being owned or rented.

Duplex, triplex, quadruple Similar to a townhouse, the duplex, triplex, and quadruple houses have two, three, and four residential units with side-to-side or back-to-back walls and a typical backyard or garden.

The biggest advantage of multiple family homes for single family homes is that they are comparatively less expensive to buy. However, they have the disadvantage of intrusion by noisy neighbors.

If any of the above demerits are an important cause of concern, there is always the option of buying open plots and building a property. It can take a long time and is the most expensive reality option, but it has the advantage of not restricting the owner from making design modifications to the property.