What is a Single-Family Residence?
(When searching through listings of available properties to buy, one can come across many different types of units available. Beyond the definition of “house,” properties available for sale can include condominiums, townhouses, planned urban developments (Referred to as PUDs), and single-family residences. At Evolve Home Loans, we are here to help guide you through the different types of units, and to help you decide which type may be the best for you.)
This article covers the easiest defined and most self-explanatory type of housing. A single-family residence, the most common type of listing in the MLS (Multiple Listing Service), is what many if not most people think of in terms of the word “house.” Also referred to as a single-family detached, these units are defined as “a structure maintained and used as a single dwelling unit. Notwithstanding that a dwelling unit shares one or more walls with another dwelling unit, it is a single-family residence if it has direct access to a street or thoroughfare and shares neither heating facilities, hot water equipment nor any other essential facility or service with any other dwelling unit.” More simply put, it is a stand-alone residence (no attached walls) designed for one family to live in.
Single family residences can be found anywhere, from large parcels of land to suburban neighborhoods, even in the heart of cities. If they are detached and on their own property, they are considered a single-family residence. Expenses to keep in mind when considering a single-family residence include repairs and upgrades, property upkeep and maintenance beyond the housing unit, as well as utilities and, in many areas, HOA (Homeowner’s Association) fees.
Financially speaking, mortgage interest rates for single-family residences tend to be lower than those of condos or townhouses, so it’s important to keep this in mind when figuring expenses for all units. Often, differing fees and maintenance options can weigh in the overall budget for a homebuyer, and living aesthetics and preferences can make a difference as well. For these reasons, it’s important to be aware of the differences between types of properties when entering into the real estate market. For more information on other property types, be sure to check out our articles on condominiums and townhouses, PUDs, and mobile, manufactured, and modular homes.
Link to definition of Single Family Residence according to Law Insider: https://www.lawinsider.com/dictionary/single-family-residential-property