It’s important to know what terms like apartment, loft, townhouse, condo, lot, stock coop, timeshare, mobile home, and residential mean in relation to the others. Here’s a basic rundown.
Let’s start with the most basic term: apartment. An apartment is a space you rent that is either part of a house with only a few apartments within it, or a complex that has many apartments. A loft is a certain kind of apartment that has a ladder leading up to a small living area most people prefer to use as a bedroom. A townhouse is an apartment that usually has more than one floor of living space and is connected to other townhouses vertically.
A condo is similar to an apartment, except you purchase it, and there are often condo association fees that are charged monthly for building maintenance and other group costs.
A lot is a piece of land you buy to build a home or business there.
A stock coop is stock that is purchased in order to join a housing cooperative. If you buy the stock, you don’t actually buy a home, you buy shares in a corporation whose only asset is the property. You gain the right to live there through a proprietary lease or occupancy agreement. This “How Stuff Works” has a helpful article about how stock coops work. Check it out: http://home.howstuffworks.com/real-estate/buying-home/housing-cooperatives.htm
A timeshare is when there are several joint-owners who have the right to use a property as a vacation home under a timesharing agreement.
A mobile home is also called a manufactured home or trailer. It’s made in a factory. In the eyes of the law, if you always travel around in your mobile home, it’s considered a car, but if you park it in a mobile home park, it’s then considered a house. Depending on where the park is, you might have the purchase the land for your mobile home, or purchase shares in the park, similar to a co-op. Each park has its own rules that residents must adhere to.
A residential home is also known as an adult family home, board and care home, or personal care home. Residents are provided with a place to stay, all meal services, and assistance with daily activities. Most residential homes don’t have medical professionals on-site.
Now that you know what each of these terms mean, you can pick one (or a few) that you’re interested in checking out with Ty Wallace. Schedule an appointment today at [phone] or by sending a message via the Contact tab above.