Florida Mortgage
Corporation offers financing for various types of Florida Real Estate. The
different types of Florida real estate can be owner occupied, second/vacation
home or investment property for rental income.
SINGLE FAMILY
RESIDENCE -
A free-standing (detached) structures that don’t share walls with any
other homes. A single
family residence (SFR), or single family home, is the easiest to define in
Florida. Single family residences are usually with both a front and back
yard, driveway, and attached/detached carport or garage. Intended for occupancy
by one person or by one family.
2-4 UNIT MULTIFAMILY
(duplex, tri-plex, quad)
Multifamily housing is a type of
residential property that has more than one unit in the same building.
CONDO
- Are typically apartment-style properties within a building or complex.
Individuals own the units, and common parts of the property, such as the grounds
and building structure, which are owned jointly by the unit owners.
CONDO
CONVERSION -
Apartments converted to condominiums. The rental complex owner sells each of the
individual units as condos. The combination of flat apartment rents and rising
home prices encourages owners and developers to transform rental units into
condos.
CONDO HOTEL-
A condotel is a project that, although the units
are individually owned, is operated as a commercial hotel offering short-term
occupancy. It often includes amenities such as rental or registration desk, food
and telephone services, and daily cleaning services.
MANUFACTURED HOME
- Formerly referred to as "mobile homes" or "trailers", but with many more style
options than in the past. Manufactured houses are built in a factory on a
non-removable steel chassis. Sections are transported to the site on their own
wheels, and multi-part manufactured units are joined at their destination.
Each
transportable unit (a double-wide has two units; a triple-wide has three units)
of a manufactured home.
Segments are not always placed on a "permanent" foundation. Considered as
real estate only when permanently attached to the land owned by the homeowner.
MODULAR
HOME -
Modular homes are built in sections at a factory. Sections are transported to
the building site on truck beds, then joined together by local contractors.
STILT
HOME -
Typically a beachfront or waterfront home elevated 8 to 20 feet above high tide,
constructed on structural pilings
LOG HOME
- A Florida log home is sometimes defined as a building whose structural
walls are composed of horizontally laid or vertically positioned logs.
TOWNHOUSE
- A Florida
townhouse is a home that is attached to one or more other houses, but which sits
directly on a parcel
of land that you
also own (if you don't own the land, it is a condominium).
For this
discussion, townhouses can ranges from duplexes and triplexes all the way
through huge townhouse communities consisting of hundreds of similar homes.
CO-OP
- Residents own shares in a legal entity that owns a group of homes, usually one
or more apartment buildings. Each shareholder typically has a lease agreement
with the co-op, and the co-op's rules provide tenure for its residents.
family residence (SFR), or single family home, is the easiest to define in
Florida. Single family residences are usually with both a front and back
yard, driveway, and attached/detached carport or garage. Intended for occupancy
by one person or by one family.