Those who are looking to invest in real estate are well aware of how easy it is to increase your net worth through this method.
Whether you are looking to purchase a rental property or subtly find a place to live, it’s still important to understand certain real estate terms. One of the most essential is the definition of a single-family home, as many people aren’t quite sure.
Let’s take a look at what you should know.
The Home Does Not Share Land
This is one of the most important attributes of a single-family home.
It’s essential that the house does not share its land with another property. This means that a collection of homes built on a single plot of land are technically not considered single-family homes.
There Is an Entrance and Exit
There must be an entrance and exit to the house. More specifically, these entrances and exits must be private and be directly accessible from a thoroughfare or street.
To help put this into context, apartments could not be considered single-family homes in this regard because there are lobbies and hallways that lead to the entrances of these units.
There Are No Common Walls
Single-family homes are detached and do not share walls with other properties. This is in contrast to a multifamily home, which is something like a duplex.
If the house has even a single common wall that it shares with another property, then it is not a single-family home by definition.
There Is Only a Single Owner
When browsing single-family homes for sale, you should only ever be interacting with one owner.
This is also an individual who has an undivided interest in the property itself. So, the home could not be owned by a corporation and still be considered a single-family home.
Many people are always searching for single-family homes to rent. If you happen to be a landlord, you can check out this resource for more information on single family home property management and how it can benefit you.
There Is Only One Set of Established Utilities
As previously mentioned, multifamily properties share with each other.
This also applies to utilities. All single-family homes for sale will always have one set of established utilities. This includes electricity, water, and heating. It also includes any other essential service that is supplied to the house itself.
Finding the Right Single-Family Home Might Seem Intimidating
In the current market conditions, it could even seem impossible. However, you will eventually find a property that meets most or all of your needs as long as you continually look.
The above guide will help you better understand what a single-family home is, allowing you to narrow down your search criteria.
Looking for more tips that can help you out later on? Check out the rest of our blog for plenty of more useful information.
