23 Different Property Types: Real Estate Guide

Looking to learn about the many sorts of real estate property? We’ve got you covered with 23 various kinds of properties listed below!

When looking for the right home, check at numerous property kinds before settling on one. After all, if you want to have a family, you probably don’t want to look at little houses. on addition, if you have terrible knees, the staircases on a split level will not be suitable.

Before making a large purchase, consider your lifestyle, ambitions, and family. And keep reading for a comprehensive overview to various property kinds!

1. Single-Family Home

A single-family house is a good option if you require a complete home with enough living space, kitchen space, and bedrooms. Single-family houses do not share walls with their neighbours and do not share land.

However, single-family houses come with a lot of obligations. You may need to make costly repairs, such as replacing a roof or HVAC system. You must either maintain the home and the property yourself or pay someone to do so.

Purchasing newly constructed single-family houses will help to alleviate some of these upkeep expenditures. A new place may need a greater price, but in other areas, new building may be even more affordable! In a new single-family home development, you may miss out on mature trees and landscaping while reaping the benefits of community facilities.

When you buy a single-family house, you have the potential to benefit from your investment. Choosing a property in a desirable neighbourhood and making minor improvements might raise the value. When you sell, you may use the proceeds to upgrade to a larger or better apartment.

Another advantage of a single-family house is that you may customise it to your liking. At any moment, you may repaint the outside, improve the kitchen, or complete the basement.

And there will never be a lack of possibilities. Single-family houses are a viable alternative in rural, suburban, and even metropolitan settings.

2. Townhome

A townhouse provides a low-maintenance living environment. You can own a townhouse in the same way that you would a separate house. The distinction is that with a townhouse, you will share walls with other inhabitants, but no one will live above or below you.

Townhomes typically feature numerous levels as well as street access. They provide the feel of a single-family house in an urban setting. In some cases, they resemble rowhouses.

Because these residences are vertically oriented, you will have to climb a lot of steps. If you have knee or back problems, you should consider a ranch. Or if the prospect of carrying goods up multiple flights makes you cringe!

You may be required to pay HOA payments to cover various benefits that you enjoy with other building residents. Some townhouses also include a yard. In some cases, you may be responsible for maintaining the exterior or yard of your apartment.

3. Bungalow

Don’t want to maintain a large house? Choose a bungalow. Bungalows are single-story homes with little front porches.

These homes gained popularity in the early twentieth century. In comparison to other single-family houses, they are still a low-cost option today. Because a bungalow’s footprint may be less than 1000 square feet, consider them separate flats.

One of the primary advantages of a bungalow is that you will not have to share walls with a neighbour. Bungalows are a good option if you want to go up from a flat without going up in scale.

Because bungalows are typically located in neighbourhoods, you will have neighbours and a yard. Bungalows are an excellent alternative for couples who are just beginning their lives together. They’re also ideal for anyone looking for a compact house.

4. Ranch

Ranches are also single-story houses. The distinction between a ranch and a bungalow is that a ranch has more room.

Ranches were the preferred housing type in the 1950s. They contributed to the American dream of possessing a large home with a larger garden. Go to any suburb and you’ll discover plenty of ranch-style homes!

If you move into a ranch from that era, be aware that it may require some updating. You may be dealing with outmoded kitchens and shag carpet, depending on the previous owner’s attempts.

On the bright side, many ranches include large bay windows and lush landscaping. Because of its spacious design, you’ll also be able to get away from your housemates.

If you have mobility concerns, consider living on a ranch. Ranches are an excellent choice for retirement houses since they do not require any stair climbing. Even without a second floor, its rectangular shape makes them appear spacious.

5. Condos

Looking for a simple way of life? Consider renting a condo! A condo is an option if you reside in a city or do not want a separate property.

A condo’s interior might be as small as a studio unit. It can also be large and roomy. Condos are ideal for vacation property since they don’t require upkeep and frequently have spectacular views.

Unlike an apartment, you own your area in a condo. That implies you’ll have to hire a handyman when something breaks. In addition, on all sides of your apartment, you may share walls with other individuals.

As an added bonus, you won’t have to drag out the mowers on Saturdays. As a result, condos are great for retirees or even single individuals who don’t want to spend their weekends doing yard maintenance. If you reside in a gorgeous place, you may be able to rent them out to holidaymakers.

6. Victorian

When it comes to house types, Victorian mansions are show stoppers. These home designs are two or three floors tall and narrow. However, it is the decoration that distinguishes them.

Victorian dwellings have the appearance of dollhouses. Victorians were a symbol of affluence in their prime in the 1800s.Victorians painted in vibrant colours might command a commanding presence in the neighbourhood.

The term “Victorian” refers to a variety of home types. Two of the most prominent styles are Gothic Revival and Queen Anne. Grant Wood’s classic picture, American Gothic, exemplifies the Gothic Revival style.

Victorians are notable for having many thin windows and a large front porch. For added drama, some include turrets or towers.

The outside of the home may feature a variety of angles and steep roof pitches. A majestic staircase greets you as you enter. There is also beautiful woodworking and moulding throughout the inside.

7. Colonial

The Colonial is the epitome of a classic American house! This home design emerged in America during the colonial period in the 1600s. The Colonial-style residence is closely related to its British equivalent, the English Colonial.

You get a boxy house with the Colonial. A front entrance is in the centre, with windows on either side to balance things out. Bedrooms will be on the second level, which is always present in a Colonial.

Colonials might come across as formal at times. However, if you enjoy entertaining, the layout is ideal for moving around the house.

Inside, there is a central staircase with a kitchen, dining area, and living room surrounding it. Colonials are a fantastic choice for a family because of their balanced layout.

The symmetry of this design is one of its advantages. If you want to add another room or enlarge the kitchen, it’s simple to do. Because of the rectangular shape of the house, you won’t have to be inventive with room shapes.

8. Container Home

Did you ever imagine that you might live inside a steel shipping container? Container houses have evolved into outstanding housing as a result of superb design skills and ingenuity.

Container houses are an environmentally beneficial option. Why? These dwellings repurpose disused shipping containers from shipyards.

These dwellings are also incredibly adjustable because they are composed of rectangular containers. You can also combine them with classic construction elements like brick to create a cosier atmosphere.

Builders can build height by stacking cargo containers. They can also connect them to create larger, more open rooms.

It is simple to carve windows and doors into steel walls. At the same time, transitioning from one container to the next is simple.

You’ll receive an industrial look that distinguishes your property from its cookie-cutter surrounds. These dwellings also get built faster since the walls and roofing are already in place. With the addition of a deck or a swimming pool, you’ll have a hideaway that’s considerably less expensive than a regular house.

9. Split Level

The split level is one of the most common forms of residences. Its popularity grew rapidly in the 1950s and peaked a decade later. If you go to any American suburb, you will discover streets lined with them.

Why is this fashion so popular? Even if you have a tiny property, the split level provides you enough of square space. They may also work on properties that have steep inclines or uneven terrain.

The disadvantage is that you will have to climb a lot of stairs in one of these residences. However, as a result of this effort, each room has a bit more privacy. Every room will have its own floor.

You’ll be able to work alone or watch your favourite programme in a sunken living area. And, because most split levels include a walkout basement, you can quickly move to the backyard for some outside time.

Because of their antiquity, certain split levels may have antiquated interiors. However, with modest renovations, older homes may compete with more modern constructions.

10. Houseboat

If life on land bores you, why not live on the water? When you buy a houseboat, you get a low-cost home with spectacular views.

You’ll also have the option to go wherever you want with your dwelling quarters. Houseboats are meant to be mobile. If you want, start the engine and change your perspective before supper!

A down payment is required for a houseboat, just as it is for a standard home. You should also consider your space requirements, since most houseboats lose square footage. Any furniture that does not fit aboard the boat may require storage.

You won’t have a grass to mow, which means less upkeep. However, you will need to inspect your yacht and deal with sewage pumping every month. You’ll also need to pay for a diver to assist maintain your boat’s hull.

Before settling down on a houseboat, it’s a good idea to get it examined. A houseboat might be a low-cost option if you reside in a distant water region.

11. Mediterranean

Mediterranean houses are popular in warmer climates. When you view red tile rooftops in the horizon, you’re looking at Mediterranean homes. White stucco walls and arched windows round off the exteriors of these residences.

These one-of-a-kind residences are inspired by the architecture of countries such as Greece and Spain. While there are many Mediterranean-style homes in northern climes, you’ll find more in southern states. They gained popularity in coastal towns and resorts throughout the 1920s.

Balconies and other outside spaces are common in these homes since they are designed for warmer climes. For a finished effect, add some palm trees outdoors. Living in one of these homes, with the correct landscaping, will make you feel like you’re on vacation.

12. Tudor

A Tudor-style home will give you a distinct appearance. Tudor-style residences were popular in the 1920s. They are influenced by the aesthetic styles of Mediaeval and Renaissance Europe, particularly England.

If you possess a Tudor home, you’ll appear to be living in a fairy tale. In terms of architecture, what can you expect? Look for a steep roof pitch and exposed timber on the outside of the home.

A Tudor house may be identified by pieces of stained wood with plaster intervals between them. You’ll also notice how close the windows are together and how conspicuous the chimney is. Expect an unbalanced floorplan within the house.

Owners used to buy Tudor mansions as a prestige symbol. Because these homes are more difficult to construct, there aren’t many new ones on the market today. If you want to demonstrate refinement and taste, the Tudor style is an excellent option!

13. Craftsman

Nothing says warmth and traditional architecture like a Craftsman-style house. The materials used in these residences are of high grade. Even homes that are over a century old appear polished and powerful.

Around the turn of the twentieth century, the Craftsman style gained prominent. These houses feature larger fronts with strong horizontal lines and low-sloped roofs. Siding on the exterior is often painted in a neutral tone.

The exteriors of these homes have a charming front porch, which is ideal for entertaining guests. While these houses may appear similar to bungalows, they are larger and usually have two stories.

The exposed rafters and woodwork inside a Craftsman will wow you. Expect broad trim around windows and entrances. You may also expect built-in bookcases, hardwood flooring, and crown moulding.

These houses’ traditional and cozy style has made them a go-to reference for new residences today. Craftsmanship is essential in their design. As a result, older Craftsman-style homes have withstood the test of time.

14. Tiny House

With the average American home 74% larger than it was in 1910, small dwellings are an outlier. Tiny dwellings maximise a little amount of area and are occasionally moveable.

A little house still has a kitchen, bathroom, bedroom area and living space. However, you will receive a reduced replica of these areas with no privacy. Some small houses are under 100 square feet!

Tiny houses are significantly less expensive than standard houses. Some are available for less than the cost of a new automobile. You won’t have to worry about a mortgage or extensive maintenance.

As an added benefit, you can tow certain tiny homes to picturesque locales at various periods of the year. These houses have a lot of windows to let in as much light as possible.

Tiny dwellings are excellent for singles or couples. Moving a bigger family into one house might be difficult. However, if you build one on a lovely piece of land, the lack of room interior will not be an issue.

15. Co-op

A co-op may be the best option for you if you don’t mind a different ownership structure. Co-ops appear to be condominiums at first look, but they are more like apartments in several aspects.

A co-op requires all members of the building to pay money towards ownership. You do not necessarily own a specific unit, as you would in a condominium. You own a portion of the land and then lease space for your residence.

While the ownership arrangement may appear unusual, it provides more control. You and your co-owners may be able to have a greater influence in the ownership process. In other words, you may choose who buys into the building, ensuring that you have the neighbours you choose!

If someone leaves, you may need to cover their financial contributions until you find someone replacement.

16. Cabin

wishing to escape everything? That can be satisfied by a cottage in the woods. If you want to be away from distractions but yet be near to nature, a cabin is the perfect option.

A cabin may be located next to a lake or on a forested area. Some have modest furnishings and kitchens that are extremely rustic. Additionally, the square footage will often be less than what you might anticipate in a second home or single-family residence.

In order to blend in with their environment, cabins frequently emphasize wood and other natural elements. Don’t anticipate arriving to a cabin and being stunned by its magnificent exterior. Once inside, you can definitely count on enjoying the view from the window.

Cabins are sometimes linked with vacation spots, but they may also be a wonderful year-round housing. If you work remotely or don’t mind a commute, cabins provide a respite from the stresses of everyday life. Furthermore, if you’re tired of dealing with obnoxious neighbours, living in a cabin will alleviate that problem.

17. Apartment

You’re not sure you want to put down a down payment on a house yet? When you aren’t ready to commit to purchasing or don’t have the cash, a flat is an excellent option.

You rent a unit when you rent an apartment. As a result, you don’t have full control over your living area.

You will be required to sign a contract outlining the monthly rent payments. You’ll also agree on the rental period’s duration. Finally, you’ll discover the limitations to what you can accomplish with your space.

High-rise apartments are available in city canters. Apartments are also available in suburbs and small towns. Professional management organizations oversee many apartment buildings in some cases.

If you cancel a rental term early, there may be a penalty, so read the fine print before signing a contract. You may also pay extra per month if you pick a shorter-term lease. Apartment management desire to keep their apartments occupied at all times.

The disadvantage of living in an apartment is that you don’t have much influence over how your unit appears. You may be able to hang photos or drapes, but you will not be allowed to replace appliances or paint the walls. Furthermore, you have no influence over how loud or silent your neighbours are.

One of the advantages of leasing an apartment is that the owner is liable for maintenance. Apartment managers are legally required to maintain your property habitable. As a result, you’ll save money on upkeep!

18. Manufactured Home

Consider a prefabricated house if you have a limited budget. Manufactured houses, unlike many other types of dwellings, are not built on-site. The completed house is moved to its ultimate site.

Why choose a prefabricated house when there are so many other options? For starters, they are less expensive than a standard home. This is due to the fact that they are constructed in accordance with particular rules.

Builders operate in a factory environment, so there will be no production delays. Manufacturing prefabricated homes is also moving quicker.

If you need to move into your ideal house right immediately, a prefabricated home allows you to accomplish it more quickly. You will not, however, forego safety. Builders are experts at anchoring homes to the earth underneath them.

Constructed homes are everything from stodgy — and not all constructed homes look like trailers. Include a deck, install hardwood flooring, and outfit them with energy-efficient appliances. Your modular house may be as contemporary as any other type of home.

19. Mobile Home

Mobile houses are built off-site and then transported to their ultimate destination. While this appears to be comparable to a prefabricated home, there is one significant distinction. A mobile home is one built before the mid-1970s, whereas a manufactured house is one built after that year.

Because mobile homes are older, they are not designed to the stringent requirements that apply to manufactured houses. When it comes to plumbing, fire safety, and construction, you may not know what you’re getting. As a result, mobile houses are even more affordable.

Some people own their mobile homes as well as the land surrounding them. In other cases, people rent a mobile home from the owner of a mobile home park.

If you want to avoid sharing walls without spending a lot of money, mobile homes are a fantastic option. You might be able to find a mobile house for less than $50,000.

20. Mid-Century Modern Style

Mid-century modern architecture emphasizes clean lines, neutral colors, and geometry. Because not everyone appreciates rustic beauty, these homes provide a more modern option. If you dislike hectic or stuffy environments, this may be the house for you.

Mid-century modern houses first appeared in the 1950s. These residences have large windows, sharp angles, and a strong connection to the surrounding nature. Because of their clean lines and simple aesthetic, they have regained popularity.

You’ll also notice that the materials in these homes speak for themselves. On the walls or flooring, you may find anything from vinyl to plywood. However, don’t expect to find a lot of dazzling wood working or dramatic design aspects, as you may in other types.

21. Cape Cod

Even if you don’t live near the coast, you may still discover a home with coastal appeal. Cape Cod homes are named after—you got it—Cape Cod. These dwellings are on the tiny side, but that’s because they used to be fishermen’s homes.

The strong chimney distinguishes a Cape Cod. Sometimes the chimney is located in the centre of the house as well. Many instances also have large shutters and white trim.

Cape Cods are little houses, although modern versions are much larger. Wealthier purchasers seeking a coastal property choose Cape Cod as their style of choice. As a result, you’ll find larger versions in locations like Nantucket and the Hamptons.

22. Farmhouse

A farmhouse is an excellent choice for a warm and rustic home. This traditional architecture is inspired by barns and country houses from yesteryear. Its casual grace has made it a popular style in recent years.

Farmhouses may have a large front porch or a stairs to the entry. A steeper pitch roof and shuttered windows are also noticeable. These houses have a symmetrical and tidy appearance.

From a material viewpoint, you’ll find everything from siding to brick—or a combination of the two. You may also anticipate exposed beams and hardwood floors on the inside. All of this contributes to the creation of an appealing and timeless house.

Many owners have renovated their farmhouses with stark white walls and dark hardwoods for a contemporary touch on this design. A rustic farm home might seem modern with some modern furnishings in neutral tones sprinkled throughout the property.

23. Mansion

A mansion may be what you’re searching for if you have the funds to invest in a larger and flashier house. A mansion is a huge and spectacular dwelling that usually comes with a large and impressive property to match.

While there is no official definition of a mansion, you’ll recognise one if you see one. A secured entry, towering grandeur, and exquisite landscaping are all unmistakable markers of a house.

The disadvantage of a mansion is that the sheer size of the house necessitates extensive maintenance. To maintain the yard, garden and trees, you’ll need to engage lawncare pros. You’ll need help cleaning such a huge space within the house.

23 Different Property Types: Real Estate Guide

When looking to buy a home, it’s a good idea to evaluate all of your possibilities. There definitely is something for everyone in real estate, with all of the many property kinds. You want a house that ticks all the boxes and that you can be pleased to call your own. If you can enter the home-buying process with this knowledge, you’ll have an easier time deciding what sort of house is ideal for you!