Understanding the different housing options available is a big part of finding the home that is right for you.
Single Family — A house on its own lot designed to be used by one family. The single family home has many styles from the popular
bungalow to the sprawling ranch or tri-level home to the Victorian. There is a style of home for every taste.
Condominium —The owner
of a condo owns his or her unit outright. The common areas such as lobbies, halls, elevators, laundry, fitness centers, swimming
pools and the surrounding grounds are owned and shared by all owners. The maintenance of building exteriors and common facilities
are provided and managed by the association, a governing body directed by the Condominium Declarations. Expenses are paid out
of monthly assessments charged to and collected from owners.
Cooperative (Co-op) — A cooperative is similar to
a condominium but differs
from condominiums ownership
and other forms of ownership in that, a legal entity, a corporation, owns the building and issues its
long-term proprietary leases, which allow them to live in
their specified units, they are considered members of the cooperative
who own shares of the legal entity that holds title to the building. Each resident or household has membership in the cooperative
association and covers their share of the building’s expenses. Property taxes are included
in these monthly maintenance charges,
which are partially
Loft — Traditional lofts are residential apartment units built out from industrial structures such as factories or warehouses that
have been converted for residential use. Due to their popularity, however, today many loft projects are actually built new from
the ground up. Regardless of their origin, loft apartments are generally defined by their open, adaptable interiors and details such
as exposed brick and timber, high ceilings and large windows.
Townhouse — A townhouse, also sometimes called a row house, is a home
that is attached to its neighboring residence(s). Like a single-family home, ownership of a townhouse typically includes the
land it’s built on, and as such there are no units above or below it. Like with condominium, however, the owner of a townhouse is
usually required to pay association fees for the upkeep
of common areas and amenities.
2- Flat, 3 Flat, & 4 Flat —
Is one building with 2, 3 or 4 apartments. Many properties such as these are owner occupied with the owner living in one unit
while the additional units are rented to other individuals or families. Sometimes this property type is converted to separate
condominium units or single family homes.