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 the stay of people can, strictly speaking, be called residential property or residential real estate. Residences can be classified according to a number of parameters. These include property type, dwelling size, etc.
Broadly speaking, the different residences can be classified under the following headings.
Semi-detached or multi-unit dwellings:
Apartments – The world is getting smaller; and our homes too. The lavish villas and detached houses of yesteryear have given way to more practical and infinitely more suitable apartments (or apartments if you prefer to use Queen’s English). The main feature that distinguishes apartments from other types of houses is the fact that it is part of a larger building and is a self-contained dwelling.
Terraced houses – A number of multi-storey buildings with shared walls.
Condominium – Condominiums are not a different type of housing in terms of design. Instead, the difference is that while the apartment itself belongs to the landlord, the common facilities such as hallways, heating system and lifts etc. are shared.
Duplex – This is a set of two units that share a common wall.
These are houses that can be moved and consist of mobile homes, houseboats and tents.
All of these types of dwellings can be qualified as “residential real estate”.
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