What Does Property Type Mean?
Real estate listing have property types (or building types) fields to describe the kind of property for sale. Also, often people refer to their homes by property type when they describe them to others. For example someone might say they live in a townhouse, or a half duplex.
Real Estate Agent Explains Property Types
Each kind of property is identified on a listing, and each has its own abbreviation:
|Residential Detached Single Family||DETCH|
|Duplex Side By Side||DUPSS|
|Duplex Up And Down||DUPUD|
|Apartment (High Rise)||APTHI|
|Single Wide (Mobile Home)||SWIDE|
|Double Wide (Mobile Home)||DWIDE|
The abbreviation VACL should stand for “Vacant Land” or “Vacant Lot”
Property type is the second in a three-tiered categorization system used in the Edmonton real estate MLS® system. Here is an example of the way real estate is organized and where property type fits in:
In the chart, a single family home has a few possible property types. In this case, the home is a residential detached home, being its own separate structure. Property types are further broken down into styles as well.
Why Does It Matter?
There are of course differences between all the different property types. Each type has its own benefits and drawbacks. Some examples: Attached homes do not have condo fees while townhouse condos do have fees. Detached homes commonly allow for more personal space and privacy than say, half duplexes do – and if you’re looking for a vacant lot, there isn’t much point in checking out triplexes. When buying, real estate searches can be done with a variety of criteria, so you would want to specify the property type you’re looking for. When you’re selling a property, you need to be able to describe what is for sale so that your property is marketed to the appropriate audience.
Also, it should be noted that the accuracy of the MLS® system is important for comparative market analyses – to correctly price homes for sale and to make offers to buy real estate. The property type is the second tier in separating homes in real estate searches (property class being the first tier) and you need to know your terms before you can begin your search.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com