COMMON TERMS FOR TYPES OF HOUSING

To meet the many needs people have, a number of different types of housing terms have been developed over the years. Homebuyers need to know about them. Income levels and special needs may dictate the kind of housing appealing to the consumer now and for the near future. However, as family needs change, another type of housing can be considered.

Single Family Residence – The single-family dwelling has always been a very popular type of housing. Each type of home has its advantages and disadvantages, and tastes vary in architectural styles. But one thing to keep in mind is that eventually all homes are resold to new owners. The more unusual the type of construction, the more difficult it will probably be to find a buyer.

Duplex – A duplex is basically two single-family dwellings joined together. The middle wall separating the units is common to both. This type of housing offers an owner the opportunity to live in one side and rent the other side. The income from the rental portion helps the owner pay for the entire property.

Twin-home – Units owned by separate parties, utilizing a "zero lot line".

Condominium – Condominium ownership is designed to provide exclusive use and ownership of a portion of a larger property, plus shared use and ownership of common areas. Under the condominium arrangement, the individual owner purchases the exclusive right to occupy the space where the unit is located. The owner also receives an undivided interest in the land and common areas, such as hallways, elevators, structure of the building, and as a rule, the recreation facilities. A board of directors or a condominium association elected by unit owners administers the common area.

Townhouse – The townhouse combines features of a house and a condominium. The legal concept is that the owner enjoys a separate ownership of his/her dwelling and the land immediately beneath the dwelling, plus joint ownership of the common areas surrounding the dwelling units. There may be restrictions upon all separately owned lots and dwellings. The right to establish and enforce these restrictions is usually vested in an owner’s association. Title to the common areas is vested in the association, and it governs how the residents use the area.









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