Home buildings come in many forms. Understanding some of the different terms used to describe different residential properties can be useful in your search for the perfect home. Below are some of the different types of properties and their unique characteristics.
Apartment
An apartment is a rented unit that is part of a larger building. They can consist of several rooms but usually take up no more than a single story. Apartments are often part of apartment blocks and may have shared amenities ranging from basics like a laundry room to luxuries like a private swimming pool.
Bungalow
Bungalows are single story houses that are typically built to be decorative and cozy. They are popular among senior residents because they are easy to get around and maintain.
Condominium
More commonly referred to as a ‘condo’, a condominium is an apartment that is owned. Owners may still have to pay service charges and property taxes, but pay mortgage instead of rent, and may have more freedom when decorating and renovating.
Cottage
A cottage usually refers to a small rural or semi-rural house that is designed to be compact and cozy. They are often historic and made from natural materials, however it’s possible to build new homes in a cottage style with some synthetic materials incorporated.
Farmhouse
Traditionally, farmhouses were rural properties that were parts of farms. Nowadays, a farmhouse can refer to any kind of rural and rustic property. Unlike cottages, farmhouses are often larger and have more land.
Mansion
While there’s no legal definition as to what is classed as a mansion, the term is typically agreed within real estate to refer to any property over 8000 square feet. These massive properties have multiple bedrooms, luxurious features and typically come with a high upfront price.
Penthouse
A penthouse is a luxurious apartment located on the top floor of an apartment building. Because of their top floor location, such apartments typically come with larger balconies or terraces and some of the best views in the apartment block. They can be owned or rented.
Ranch-style house
Ranch-style homes are like bungalows in that they are single story. However, they are typically more spread out and open-plan, unlike a bungalow which is often more compact and cozy. Features of these properties often include porches and a long profile.
Studio
The smallest type of apartment is known as a studio apartment. These consist of a single room where the resident sleeps, prepares food and eats – however they will typically have a separate bathroom space. Studios are some of the cheapest home options and are popular affordable solutions for single people living in major cities.
Tiny house
Part of a recent trend to build more affordable housing, tiny houses are small houses that are under 400 square feet. They are often similar to studio apartments in their layout, but are self-contained buildings that have a yard, and are more often owned rather than rented.
Townhouse
Townhouses are multi-story residences commonly found in towns and cities. Unlike regular houses, townhouses are built more closely together and share a wall with one or more other houses.
Villa
A villa refers to a luxurious and spacious home – often located in a stunning location and potentially used as a vacation home more than a primary residence. Villas are often not as large as mansions, but may have similar luxury features like swimming pools.
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