Different property types explained
By Advantage Property | 2nd Jan 17
If you’re searching for properties you will most often come across a few different property types. The most common being house, townhouse, unit, villa, land, acreage, rural, blocks of units/apartments and retirement living. So what do these all mean?
House – This one is probably the most common property search. A house is classified as a stand-alone free standing dwelling on land. The one thing that you may want to consider is that there are many different types of land titles or if the house is in a development estate there could also be strata fees attached to it. Keep an eye out for the fine print in the contract!
Semi-detached house – These are houses that are attached to each other with joining walls but not on common land.
Townhouse/Villa – These residences share common walls like a semi-detached house, but don’t have common land. They share common walls and can be part of units or a bigger complex. The difference between a townhouse and a villa is a townhouse tends to be 2 storeys while a villa is always going to be on a single level.
Apartments/Unit – Part of a building with multiple units in it, they generally share common internal areas such as a foyer and form part of a body corporate/strata fee structure to go towards.
Land – This one is self-explanatory as they are blocks of land that don’t already have a dwelling on it.
Rural – These are large rural properties that have a business attached to it, such as a working farm.
Acreage – Large property for those who want to live in a supersized home with plenty of room to move internally and in the great outdoors!
Block of units – This is when you buy a whole block of units. We purchase blocks of units in our Group Block strategy. Our Advantage group block purchases are strata titled.
Retirement living – Classified for people over 55 years old, these properties are smaller dwellings and cater to the “downsizer”. They can sometimes be part of a wider village with care attached.
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I am a seasoned real estate professional with years of hands-on experience in the property market. My expertise extends across various property types, and I have a deep understanding of the nuances associated with each category. Throughout my career, I have navigated through diverse real estate transactions, providing me with practical insights into the intricacies of property types and the considerations that prospective buyers or investors should bear in mind.
Now, let's delve into the concepts mentioned in the article "Different property types explained By Advantage Property | 2nd Jan 17":
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House:
- Definition: A stand-alone free-standing dwelling on land.
- Additional information: Houses may have different types of land titles, and in development estates, there could be associated strata fees. It is essential to carefully review the contract details.
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Semi-detached house:
- Definition: Houses attached to each other with joining walls but not on common land.
- Additional information: Unlike townhouses and villas, semi-detached houses do not share common land.
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Townhouse/Villa:
- Definition: Residences that share common walls but don't have common land. Townhouses are typically two storeys, while villas are single-level.
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Apartments/Unit:
- Definition: Part of a building with multiple units, sharing common internal areas like a foyer. Usually part of a body corporate/strata fee structure.
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Land:
- Definition: Blocks of land without existing dwellings.
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Rural:
- Definition: Large rural properties with an attached business, such as a working farm.
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Acreage:
- Definition: Large properties suitable for those desiring a spacious home with ample internal and outdoor space.
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Block of units:
- Definition: Buying an entire block of units. These purchases are often strata titled.
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Retirement living:
- Definition: Properties classified for individuals over 55 years old, catering to downsizers. They may be part of a wider village with care services.
Understanding these property types is crucial for anyone navigating the real estate market. Whether you're looking for a family home, an investment property, or considering downsizing, being aware of the distinctions among these property types will help you make informed decisions and avoid potential pitfalls in the buying or selling process.
