Your Options: A Guide to the Most Popular Types of Residential Homes on the Market

As a buyer, especially if you’re new to the home buying process, understanding the different types of residential properties available is pretty important. Whether you’re searching for your dream home or an investment property, this purchase will likely be one of the most significant in your life. With so many options to consider, it is essential to do your research and explore the possibilities before making a decision.

Keep reading to discover more about the different kinds of residential housing available!

Single-Family Homes

A single-family home is a detached, stand-alone property that is designed to house one family. These homes are typically larger and more expensive than other types of residential properties. Single-family homes offer privacy, outdoor space, and greater control over the property. It also affords you flexibility when renovating and updating features such as windows, doors, adding a balcony etc. A significant percentage of the Trinidad and Tobago market consists of these types of homes.

Apartments/Condominiums

In Trinidad and Tobago, the terms “apartment” and “condominium” are often used interchangeably. These properties are typically units within a larger building or complex that are jointly owned by all the owners. When you purchase an apartment/condominium, you own your individual unit but may share ownership of common areas like hallways, parking lots, and recreational facilities with other owners. These types of properties are often more affordable than single-family homes and offer great amenities such as security, parking, elevators, and access to shared facilities like a pool, tennis court, and gym. Keep in mind that there are added monthly maintenance fees, but for those looking for a sense of community, access to amenities, and extra security, it may be worth exploring. These are becoming more popular among first time homeowners, investors and buyers who are looking to downsize from larger homes.

Townhouses

Townhouses can be similar to single-family homes in terms of size and design, but they are connected to neighbouring homes by an internal wall. Townhouses are often more affordable than single-family homes and offer more privacy than apartments. They are generally multi-floor homes with a separate entrance, bathroom, kitchen and some offer a private outdoor space. Townhouses have been available for quite some time, and new options continue to emerge across both islands.

Duplexes

Duplexes are properties that consist of two separate living units connected by an internal wall, each with its own entrance, kitchen, and bathroom. Duplexes are often used as investment properties or sometimes by homeowners who want to live in one unit and rent out the other. They can be a great way to generate rental income or provide affordable housing options.

Manufactured Homes

Manufactured homes are prefabricated structures that are transported to a specific location and assembled on-site. These homes are typically more affordable than other types of residential properties and can be customized to meet the needs of the buyer. Manufactured homes can be located in designated communities or on privately owned land.

Niche Properties?

You may be interested in exploring some of the more unique and niche property options available. Stay tuned for our next article

Are you ready to buy a new residential property but not sure which one to choose? We will guide you through the process and help you find the perfect home that fits your budget and lifestyle. With a variety of attractive options available, we’re sure to help you find something that meets your needs.

Stuart Spiers Real Estate