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Wherever you are and no matter how tight or large your pocket may be, Property world listings has something for you. By definition, residential properties are a buildings used or suitable for use as a dwelling, or are in the process of being constructed or adapted for use as a dwelling. Residential properties include land that forms part of a garden or grounds of a building suitable for use as a dwelling.
We have several residential properties for sale at Property World Listings. When deciding on the type of residential properties you’d like to purchase, it’s important to know what is available and envision how your lifestyle and needs might evolve in the next five to ten years.
Types of residential Properties
Residential properties are of several types. The seven (7) common ones you can choose from on Property World Listings include:
A condominium is the individual ownership of a building with access to common areas owned by all residents within the complex. In a simpler definition, condominium (abbreviated as “condos“) are single units within a larger building or community. Condos usually necessitates the formation of an association to manage the common areas. In most countries, the formation of an association is mandatory or it is voluntary in some countries.
A fee must be paid to the association to maintain, repair, and improve the common areas shared by residents. The common areas may include include a pool, spa, tennis courts, walking paths, and more. Banks and lenders often finance condos at higher interest rates. One advantage of a condo is that there is a minimal responsibility on the homeowner’s part to contribute to maintenance and upkeep. For instance, if the roof goes out, you will be required to share the costs with other residents instead of paying for the whole thing yourself. However, minimal privacy, extra care not to disturb neighbours, limitation on the types of remodeling you can do and pet and rental restrictions may be some of the disadvantages you may face.
Single-Family Homes (SFH)
A single family home is the most standard property type designed to support just one dwelling. They are homes built on a single lot, with no shared walls. At times, there’s a garage, attached or detached.
This type of property does not include a common area as you would find in a condominium complex and similar developments. They do not share walls with neighboring properties, and should have land separation from all sides of the property, as well as above and below. These are the cheapest properties to finance, as they are the norm.
One advantage of single-family homes is that they tend to offer more privacy and space than other types of homes, and frequently come with private front and back yards. Additionally, since you don’t share the property with anyone else, you are free to express yourself with any type of home design you choose. You’ll also have a more reliable resell value than condos and townhomes. A disadvantage is that this home type generally requires a lot more maintenance, and all of the cost for that falls on the shoulders of the homeowner. With condos and townhomes, you share the costs involved with yard maintenance, plumbing, roofing and building amenities.
Multi-family homes are the least common type of residential building. They can be primary residences or investment properties. Mult-family homes are essentially a home that has been turn-ed into two or more units. They can be rowhouse-style or have multiple floors, and range in size from a duplex to a four-plex; anything more than four units is consider-ed commercial. Some multi-family homes have a separate entrance for each unit, while some share a main entrance.
The distinction between multi-family units and condos is that the units can’t be purchased individually; there’s one owner for the whole building. Multi-unit properties carry additional financing adjustments to fee, more substantial for 3-4 unit properties.
One advantage for multi-family homes is that they are ideal for those looking for an investment property. Many decide to live in one unit, and rent out the others for income, or simply rent out all units. They are also a great option for multi-generational households; they allow family members to live in the same building but have their own unit. The disadvantage is that they are a hybrid between a single-family home and a condo and as such the units tend to be smaller than single-family homes, and less private. Besides, when renting one, the maintenance costs go to the landlord, but if you own one, you’re bearing all the costs for maintenance plus the time commitment of finding renters.
Townhouses are a hybrid between a condo and a single-family home. They are often multiple floors, with one or two shared walls, and some have a small yard space or rooftop deck. However, They’re generally larger than a condo, but smaller than a single-family home. A townhouse differs from a condominium in that no neighboring unit is above or below. Besides, townhouses usually features an outdoor space in front and behind the property. It’s similar to a condominium in that tenants have access to a common area such as pool, spa, tennis courts and more. Many banks and lenders consider townhouses single-family residence, making mortgage financing more affordable.
One advantage of a townhome is that you often have more privacy than a condo might afford. Some townhouses have associations or joint maintenance agreements to share upkeep costs. They tend to be more affordable than a single-family home. A disadvantage, however, is that townhouses don’t usually have shared amenities like a gym or a pool. They are not as private as a single-family home.
Cooperatives, or co-ops, are a slightly different way of holding a title to a shared building. With a condo, you own the space within your unit, but with a co-op, everyone owns the building together. Because of the shared responsibility, there’s often an interview process to become part of the community.
The advantage with Co-ops is that co-op owners usually take on maintenance as a community, so they tend to have lower association dues. They also tend to be less expensive than comparable condos. The disadvantage is that you share financial responsibility of the whole building with your neighbors. This meanshich means if someone stops paying their mortgage on a co-op, the bank can foreclose on the whole building. It can be more difficult to get a loan for a co-op than a condo; most require more money down, and some banks won’t support it.
Land is any part of the earth’s surface that is not cover-ed by water. Land becomes a residential property if local and planning authorities zoned it as a residential property or plot.
The advantage with buying land is that the sky is the limit; you can build whatever type of residential home you’d like, or raise crops or animals (within local restrictions).
However, land tends to require a much larger down payment, and fewer lenders are available for someone looking to finance a land purchase. Why? Banks like to know that there’s going to be someone living on the land, and that someone will be improve it. It’s easier to know what the use of a property will be when you see a structure sitting on it. Also, it may not come with utility hookups, so you’re responsible for bringing gas, water, plumbing, and electricity to the land before building a structure. In addition, you’ll have to get permits before you build, which can take months or years, depending on the situation.
Second Homes (Vacations Homes)
Second Homes, also known as “vacation homes” are not a type of a residential property as per se. They are residences typically found in recreation areas or resorts that serve as seasonal accommodation. These properties are own-ed in addition to a primary residence, and can be condominiums, townhouses, or single-family residences. Vacation homes are common in ski resorts and near the beach, usually rent-ed out to other vacationers while not in use. Financing is more expensive than single-family residences, but less than investment properties. (Note: An investment property is a non-owner occupied property, own-ed for the purpose of financial gain either through renting and/or appreciation).