Title Topics: Explaining Property Types, What’s Yours?

Posted by Amrock

title-topics-logo-%282%29There are many real estate options when deciding on a
home.  Wondering what one is best for you
and your family, or do you want to know how to distinguish between different
property types?  To find out, take a look
at the definitions below for the most common types of residential real estate.

What is a Single
Family Home?
A single family home is simply an individual residence that
houses one family.  It is a freestanding,
unattached dwelling unit, typically built on a lot larger than the structure
itself, resulting in an area surrounding the house, or in basic terms, a
yard.
What is a
Multi-Family Home?
A multi-family home has multiple separate housing units
within one residential building.  A good
example of a multi-family home is a duplex.
In a duplex, an individual house is divided into two homes.  One family lives in the upstairs and one
family lives in the lower or main level.
Both levels have all of the necessary aspects of a home and have a
separate entrance.
What is a
Condominium?
A condominium is a multi-unit dwelling in which each unit has
separate ownership.  The owners of all
the individual units are jointly responsible and equally share costs of
maintaining the building and common areas.
Usually the shared costs are included in the homeowner’s association
dues which are included in a monthly mortgage payment.
Condominiums can be attached or detached.  Detached
condominiums
, are similar to a townhome where there are units that can be
attached on either side; however, no other condominium units are attached above
or below.  Attached condominiums are similar to an apartment building in the
sense that there can be units above, below, and attached on either side of the
condominium.
What is a Site
Condominium?
A site condominium is a method of land division.  The homes are unattached, may not look
identical on the exterior, like most condominiums, because the owner is
responsible for not just interior, but also for the exterior maintenance of
their home.   This is not to be confused
with a Planned Unit Development (PUD) because PUD zoning is usually created
through the State Subdivision Plat Act.
What is a Planned
Unit Development?
A planned unit development (PUD) is a project or subdivision
that consists of common property and improvements that are owned and maintained
by a homeowner’s association for the benefit and use of the individual units within
the project. For a project to qualify as a planned unit development, the
owners’ association must require automatic, non-severable membership for each
individual unit owner, and provide for mandatory assessments. This contrasts
with a condominium, where an individual actually owns the airspace of his unit,
but the buildings and common areas are owned jointly with the others in the
development or association. Planned unit developments offer varied and
compatible land uses, including housing, recreation, commercial centers, and
industrial parks, all within one contained neighborhood.
What is a Cooperative
(Co-Op)?
A co-operative is a multi-unit housing dwelling which allows
multiple owners that share in the cooperative corporation that owns the
property.  In other words, each resident
in the co-op is a shareholder and the relative size of the unit determines the
proportion of the corporation’s stock that the resident holds.  Each shareholder, or tenant, pays a monthly
fee based on their proportionate share of stock to cover the mortgage, taxes,
and maintenance costs.
What is a Modular
Home?
A
modular home is a home that adheres to the same construction codes as a
site-built home. Modular homes are typically constructed at a manufacturing
plant or facility, in three or more pieces, and then transported to a permanent
site on a flatbed truck to be assembled on a permanent foundation. Modular
homes are often confused with manufactured homes.
What is a Manufactured
Home?
A
manufactured home, also known as a mobile home, is a dwelling that is built to
the Manufactured Home Construction and Safety Standards. Unlike a modular home,
these standards are set by the U.S. Department of Housing and Urban Development
(HUD). Manufactured homes are built in a controlled setting, typically a manufacturing
plant or a factory, and are transported in one or two pieces (single or
double-wide) on a permanent steel chassis to a location using its own wheels.
Every manufactured home has a data plate (HUD Tag) that is readily accessible
and visible, usually near the main electrical panel. The data plate contains
information including: the manufacturing plant in which the manufactured home
was assembled, the serial number and the date the unit was manufactured.  To obtain a mortgage, the home must be
permanently affixed, with towing hitch, wheels, and axles removed and skirting
around it.

 

No matter what type of home you decide upon, take your time
while you figure out what will work best for you and fit into your budget.

 

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