Residential property or residential real estate, as the name suggests, is real property that is used primarily for residential purposes.

Residential Property Types

Any structure or dwelling used for people to stay in can, strictly speaking, be called residential property or residential real estate. Residences can be classified based on a number of parameters. These include the type of property, the size of the home, etc.

In general terms, the different residences can be classified under the following headings.

Attached or multi-unit dwellings:

Apartments – The world is getting smaller; and our houses too. The palatial villas and single-family homes of yesteryear have given way to the more practical and infinitely more appropriate apartments (ore flats, if you prefer to use the queen’s English). The main feature that distinguishes an apartment from other types of houses is the fact that it is part of a larger building and is a separate living unit.

Townhouses: A series of multi-story buildings with shared walls.

Condominium – Condominiums are not a different type of housing in terms of design. Instead, the difference lies in the fact that while the apartment itself is owned by the owner, the common facilities such as corridors, heating system and elevators etc. they are shared.

Semi-detached houses:

Duplex: are a set of two units that share a common wall.

Portable houses:

These are homes that can be moved and consist of mobile homes, houseboats, and tents.

Any and all of these types of homes may be referred to as “residential real property.”

1300-4-A-VALUER is an independent specialty firm, established in 2007. They hire independent appraisers and professionals who are licensed in that state to perform independent property valuations. Appraisers associated with 1300-4-A-VALUER are also members of the Australian Property Institute, which is the professional body that represents, trains and regulates appraisers in Australia. 1300-4-A-VALUER covers all major cities and regional centers in Australia. You can assess your home simply by going to their website at www.13004avaluer.com.au.