Unless you have extensively studied the real estate industry, you are probably not 100 percent familiar with some real estate terminology—particularly when it comes to various home types. You may have heard phrases thrown around like “single-family home” and “tiny house,” but what do they really mean? Brush up on your real estate terminology with these 10 home types defined.
- Single-family home: A standalone house built for one family.
- Multifamily home: A structure that includes more than one independent living space, which includes separate entrances for each dwelling. A multifamily home can be anything from an apartment building to a duplex.
- Duplex: A single structure with two private living spaces. A duplex is considered one property, as opposed to a twin home, which uses the same structure as a duplex, but that is sold as two properties on two separate lots.
- Condominium: One of a group of housing units where each homeowner owns an individual unit and all dwellings share ownership of common areas.
- Townhome: Homes that are at least one wall with another home, arranged together in clusters or lines.
- Mobile home: A mobile home is the same as a trailer. Despite their name, they are usually placed in one location for permanent living and are categorized as singlewide or doublewide, depending on their size.
- Motorhome: A motorhome is an RV—a home on wheels that easily and frequently moves from place to place.
- Tiny house: A small living space that usually measures between 100 and 400 square feet. They come in all shapes and sizes, but the idea behind the tiny house movement is to focus on simpler living in a more efficient space.
- Mansion: Conversely, a mansion is a very large house, measuring between 5,000 and 8,000 square feet, depending on the location. Mansions are generally characterized as having luxury amenities like pools, tennis courts, home theaters, etc.
- Loft apartment: A large, open living space, usually without any internal walls except for the bathroom. Lofts have traditionally been established in former commercial or industrial buildings turned residential.
Knowing the definitions of several home types can help you pinpoint exactly what you are looking for during your next home purchase! For more real estate tips and insight, continue to follow the Ryan Roberts Realtor blog! And for your real estate needs in Auburn, Opelika or Lake Martin, contact Ryan today at 334-750-9872, or email [email protected].