Types of residential real estate

Residential real estate encompasses various types of homes, from single-family houses to apartments. Deciding which type of housing is right for you comes down to budget, family needs and location, among other factors. Common types include:

• Apartment or Flat 
  Such residential units are available in multistoried buildings mostly in larger cities and crowded towns. The number of apartments in a building depends on how many floors the building has. Usually, there are multiple buildings within a boundary wall. 
  All the apartments in the building are more or less of the same design. The building has all the basic amenities such as a grocery store, a playing area for kids, a gym, a temple, a parking facility and a maintenance team. There is usually a monthly fee for using all the amenities. 
  Additional room or if you want to design your own balcony, or may involve getting approval from the RWA. 
• Single-Family Home 
  This is also often called a freehold residential property. It is called so because it is “free from hold” of any entity besides the owner. 
  The house is built on a single lot. There are no shared walls. The house may have one or two floors with the main living area on the ground floor and the bedrooms on the first or the second floor. There may also be an attic. Whether there is a terrace or not depends on the design of the roof. You can build the house on your own or with the help of a contractor. 
• Condominium 
  A condominium is like a house within a building. There are multiple houses within a single building. Unlike an apartment, residential properties in a condominium may have multiple floors and one residential property may be differently designed from the other. You may have a common wall with your neighbours. There is often a homeowners’ association that takes care of the entire building. Amenities like a swimming pool, recreational area, parking lot and power backup may be common. 
• Bungalow 
  A bungalow is a single storied residential property. It can even be a cabin. A bungalow may have just a single, large room, or multiple rooms. One distinguishing factor between a freehold residential house and a bungalow is that a bungalow does not have multiple stories. It just has a ground floor establishment, and all the rooms and other components of the house are on the same ground floor. These can even include villas and row houses.  
• Multi-family home 
  Multiple families come together to pitch in and build such a residential property. Such a house can have multiple floors, or it can be a row of houses. Every unit belongs to the individual family. Every unit in a multi-family home may have a separate entry and exit, or a common entrance if there is a common area. How the multi-family home is designed can be decided by the consensus of all the families pitching in. 

Things to Consider before Buying Residential Property

• The home must be properly ventilated
• Space must be well utilized
• The material used for construction is of superior quality
• The height of the ceiling should be at least 10-12 feet
• There should be enough space for all the compartments of the house
• Quality fittings

Benefits of Residential Property

• Comparatively lesser cost: residential properties cost lesser than commercial properties. If you are a beginner and want to invest money in real estate, investing in residential property is a great option.
• Fewer complications: residential properties do not have many regulations as in the case of commercial properties. It’s easy to own and use.
• Easy to find tenants: If you are holding a residential property, finding a tenant is easier since you can decide whether the tenants can stay for the long term or short term.
• Small scale operation: Residential homes operate on a small scale compared to commercial properties. Hence, fewer complications.

Conclusion 

How individual residential properties in India are designed can vary from place to place. Sometimes you may have the features of a freehold house in a condominium or sometimes you may get the safety of a multistoried building from a multi-home construction. 

When you’re trying to settle for residential property for your family, take multiple factors into consideration because every type of residential property has its own pros and cons. Preferably, create a list of what you want and what you don’t want out of your residential property and then make your decision.  

YOU CAN ALSO APPROACH PROFESSIONAL EXEMPLAR FINANCIAL PLANNER WHO CAN PROVIDE YOU UNBIASED ADVICE AND ASSIST YOU IN RENTAL, BUYING OR SELLING ANY RESIDENTIAL PROPERTY.