Whether you are buying real estate in New Jersey, selling a home, or seeking a property in which to invest, you may find yourself wondering about all the different things that a home can be called. From a house, to an apartment, to something in between, here’s a breakdown of some of the most common types of real estate available in New Jersey.
Disclaimer
Before we start, we want to let you know that different municipalities or different states may define these elements in different ways. This is general information only. To find out what your home is considered, check your deed or contact a real estate law professional in New Jersey for more help!
House
The traditional house, often referred to legally as a “single-family dwelling” usually does not share walls with anyone else, has nobody above or below, and the family living there owns it. This is the property most likely to have a yard and a place to park.
Condominiums & Townhomes
This is where things get tricky, and where many municipalities will vary in their exact definitions. Condominiums are generally more akin to apartments, in that they are often smaller units that can share walls or floors with other units. Common hallways and entry areas are common. A townhouse, on the other hand, does not typically have people living above or below—while many townhomes are situated in a row house fashion (like a side-by-side duplex, but more than two), other can be duplex or adjoining to smaller units. In some areas, any housing complex with both condominiums and townhomes is listed as a condominium complex.
Apartment
Apartment units are multi-family dwellings, typically sharing side walls, ceilings/floors, and at times having no yard. Most often, apartments are considered rental units. Typically, if one is “buying apartments,” they are purchasing an apartment unit to rent out to potential tenants. This is not always true; certain large metropolitan areas are known for selling the property rights to apartments.
These differences can be a challenge but remembering them and using them effectively can help you stay prepared in your next real estate transaction. For more information, contact the law offices of Joanne Sorrentino.
