When thinking about managing, buying or selling, it is important to know the type of real estate that is involved. Different types of real estate have different kinds of laws and regulations that can affect the way in which you need to manage, sell and buy that type of property.
Residential real estate
Let’s start by defining what residential real estate is! Residential property is a zoned property that was designed and structured for the purpose of living, which could involve buildings like homes, apartments and mobile home parks.
The types of residential properties are as follows:
- Condominiums (condo’s)– These living spaces are privately owned units within larger buildings or communities, generally matching the structure of apartment buildings.
- Townhomes– These forms of living spaces are generally larger than condos, but still involve some form of wall sharing with neighbors.
- Cooperatives– These are buildings that are owned by all persons living in the building, and involve multiple units within that building.
- Single-family houses– Generally built on a single lot that is not shared with other structures or persons. Designated for a single family structured so enough space is available for that family.
- Multi-family houses– These range in sizes from two to four units, which can become a duplex or a four-plex. Anything larger than four units will result in the building becoming a commercial property.
- Apartments– These buildings can only be considered residential property if the unit count is less than five.
Now that we have an understanding of the types of residential properties, we should make sure to understand the varying laws and regulations that exist with residential real estate
Residential and commercial properties are both governed by varied zoning laws. Most of the residential zoning laws are commonly known, like whether you can have a pet on the premises or if you can run your own business out of the home. Other laws involve the limitation of types and numbers of homes in the surrounding area and some form of noise regulation. There may be extra laws applied if a business is run from the homes location, so it is important to inquire about these rules before proceeding on such matters.
We hope this has helped you to better understand what residential real-estate is, and what it may entail when it comes to managing, buying or selling! Feel free to give us a call with questions or help with a residential real-estate issue! We at Kontor can get you to the start of the gain curve so that you can receive the best experience in Minnesota’s Metro market!