There are many things to consider when you are looking to buy a home, first and foremost is the location. A good location to one isn’t a good location for and for all. We will go through a comprehensive interview to find out what is most important to you, what your lifestyle is and one of the most overlooked things here on the central coast is our microclimates.
We will also discuss with you the state of the market and inventory availability, and share with you a vast knowledge of tips, tricks, and techniques that we use to help our client’s offer stand out from the rest and allow us to negotiate not only the best price but also terms.
WHAT IS A SINGLE-FAMILY HOME
The designation comes from the classification of what the property is and can be used for on a daily basis and single-family and generally meant to be used as a living space. The zoning is also going to determine what is and is not allowed to be done on the property, so these are important factors to consider when buying your next home.
Considerations to consider is that there are laws that have been recently passed here in California that bypass local ordinances, zoning, and building codes that allow every single family lot to qualify for a house, guest house, and an accessory dwelling unit (ADU) on each lot without onsite parking requirements or the opportunity to do a lot split and build a house and guest house on each lot, this process is much more involved and more requirements must be met to do.
There are many types of single-family homes and various things that you can and cannot do depending on various factors such as districts you may be in, homeowner associations, and what you propose to do. If you plan on a home-based business, building a workshop, etc. These should be explored at the city or county level at the planning and development department before or during your inspection period.
TYPES OF RESIDENTIAL PROPERTIES
There are ten primary types of Residential classifications that encompass the overall scope of this area of real estate and we have below a brief explanation of each.
This is the typical residential neighborhood that you will find all throughout America where the house is a stand-alone home without any walls shared with any other homeowner. The garage could be attached and that belongs to the same homeowner.
SINGLE FAMILY ATTACHED
An attached home would be a home that shares a wall with another homeowner, this could be a condominium, townhome, twin home, duplex, etc., and varies by location on the terminology.
CONDOMINIUM OR CONDO
A condo will generally have at least one shared wall and can be a multistory building with people above and below. Generally, condominiums are designated ownership in what is called airspace, meaning you own the space of the interior confines of the unit and a fraction of the commons space that is shared among all other owners and maintained by the homeowner association. There is typically a recurring homeowner association (HOA) fee most commonly paid monthly. This fee is determined by the maintenance and upkeep needed for the entire complex and the amenities provided.
A townhouse is quite simply a condominium that is usually multistory and has an attached garage, with or without a small yard.
A mobile home is considered private property, by itself does not have land attached to it, and is registered through the California DMV. There are mobile homes that are set on permanent and non-permanent foundations on land and sold together. How the mobile home is placed and secured on the property will determine the type of loan you may obtain if using financing.
A Co-Op is similar to a condominium with the exception that your ownership is in a percentage of the entire property and not airspace. There are very few properties that are in this classification.
A duplex is a single-family residential property with 2 units, it could be two separate buildings or one building with two units. A duplex will typically be the same loan that you would get as a single-family home but check with your lender to confirm.
A triplex is a single-family residential property that has 3 units either separate or together in one or more buildings. 3 and 4-unit buildings still qualify under a single-family home loan and rates but recent lending guidelines have separated a few items that make this loan slightly different and should be discussed with your lender prior to looking for properties to make sure you qualify.
A 4 unit is the largest of single-family residential properties that have 4 units either separate or together in one or more buildings. 3 and 4-unit buildings still qualify under a single-family home loan and rates but recent lending guidelines have separated a few items that make this loan slightly different and should be discussed with your lender prior to looking for properties to make sure you qualify.
A mixed unit building generally means that there is a residential and commercial classification in the same building or site, what we see most here on the central coast is a commercial space below with residential use above it. These properties to require special financing and will generally be commercial loans.
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