Different property types explained
By Advantage Property | 2nd Jan 17
If you’re searching for properties you will most often come across a few different property types. The most common being house, townhouse, unit, villa, land, acreage, rural, blocks of units/apartments and retirement living. So what do these all mean?
House – This one is probably the most common property search. A house is classified as a stand-alone free standing dwelling on land. The one thing that you may want to consider is that there are many different types of land titles or if the house is in a development estate there could also be strata fees attached to it. Keep an eye out for the fine print in the contract!
Semi-detached house – These are houses that are attached to each other with joining walls but not on common land.
Townhouse/Villa – These residences share common walls like a semi-detached house, but don’t have common land. They share common walls and can be part of units or a bigger complex. The difference between a townhouse and a villa is a townhouse tends to be 2 storeys while a villa is always going to be on a single level.
Apartments/Unit – Part of a building with multiple units in it, they generally share common internal areas such as a foyer and form part of a body corporate/strata fee structure to go towards.
Land – This one is self-explanatory as they are blocks of land that don’t already have a dwelling on it.
Rural – These are large rural properties that have a business attached to it, such as a working farm.
Acreage – Large property for those who want to live in a supersized home with plenty of room to move internally and in the great outdoors!
Block of units – This is when you buy a whole block of units. We purchase blocks of units in our Group Block strategy. Our Advantage group block purchases are strata titled.
Retirement living – Classified for people over 55 years old, these properties are smaller dwellings and cater to the “downsizer”. They can sometimes be part of a wider village with care attached.