Types of Homes to Buy in the Tampa Bay Area

Single Family Residential Property:  A residential property that is primarily used for a single family.  Most common are 3 bedroom homes, but can go as high as 10 bedrooms. 

Most are one or two stories with 1-3 car garages and sit on a lot that is part of the residential property.  The lot that it sits on belongs to the owner of the home.

May or may not have an association with annual fees for the common area like the community pool or clubhouse.

Condo:  Looks like an apartment building, but each condo unit is owned individually.  The unit owner only owns what is inside their 4 walls and the association owns the rest of it...like the pool, clubhouse, work out room or any recreation facilities.

There will always be a maintenance fee paid to the association and they will have specific rules that the owner must abide by.

Typically there is no garage, but may have some type of covered or basement parking.

Most condos are financeable, others may not be.

Condo Hotel:  Just like a condo except the property is primarily used as a vacation rental.  Just like a hotel, there is a front desk and probably concierge services. Usually has a pool and other convenient amenities.

There will be an association maintenance fee and a fee if you utilize the condos rental program. 

The association may limit the owner's personal use of the property and condo hotels are difficult to finance. 

Townhouse:  Is typically 2 stories and occasionally 3 stories.  May include a small outside courtyard.

Always has an annual maintenance fee for the common area upkeep.  May or may not have a garage.

Ownership may be “fee simple” like a single family home which is easier to get financing.  Otherwise it may be deemed a condo which falls under more stringent rules for financing.

Duplex:  A house with living quarters for two sides, for two families. Usually it looks like a regular house with 2 front doors and the same style on each side. If a duplex is very old, the 2 sides may look completely different from each other.  Property may be sold separately as just ½ of the property (just one side) or may be sold as a complete duplex  (2 sides).

Buying just one side may create issues as you will have to agree with the owners of the other side in making decisions on a re-roof, yard maintenance and other things.

Have questions?  We have answers!  727-202-9130.