Property Types: Which One Do You Own?

real estate

Determining what type of property you own just got a whole lot easier!

There are a variety of real estate options when it comes to buying a home. In fact, it can be extremely overwhelming to understand the different types of properties available for home buyers to choose from. Use this handy guide the next time you are considering purchasing a brand-new home for yourself and your family.

A Single Family Home

One of the more common types of properties, a single-family home is actually quite simple to describe. In fact, most home buyers are very familiar with the term. As a result, a single family home is one that typically houses just one family, as its name suggests. This type of property will most likely be one that is freestanding and unattached.

A Multi-Family Home

Again, just as the name suggests, a multi-family home will have more than one family residing in it. In fact, duplex apartments are considered multi-family homes. There are different entrances for each specific dwelling (i.e. individual unit).

A Condominium

A condominium is considered a multi-unit dwelling in which each unit has different ownership. In fact, the owners of the various units are jointly responsible for the costs of maintaining the building which shows up as HOA fees which are commonly added to a mortgage. It is important to note that condominiums can either be attached or detached. As a result, detached condominiums are typically quite similar to townhomes in terms of units being attached only on either side of one another with no condominium units attached above or below. On the other hand, attached condominiums resemble apartment buildings with units directly above, below, and to the side of one another.

Site Condominium

A site condominium is a simple method of land division. In fact, when it comes to site condominiums, home buyers will often find that homes will be unattached and not resemble one another. Just like regular condominiums, when the owner owns their specific unit, they are responsible for the interior as well as the exterior of the dwelling.

A Title Company You Can Trust: Colony Title

At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.


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