Types of Housing
This type of home is designed for one family only.
What is a single-family home?
Monthly payment made by a tenant to live in a property.
What is rent?
The value of a property based on the market.
What is a market value?
The first payment made when buying a house.
What is a down payment?
A yearly fee paid to the government based on property value.
What is property tax?
This housing type shares walls with other units and is often in cities.
What is an apartment?
Money paid upfront to cover damages or missed rent.
What is a security deposit?
The increase in property value over time.
What is appreciation?
A professional checks a home for problems before purchase.
What is a home inspection?
Money paid monthly to protect your home from damage.
What is homeowners insurance?
This home is owned individually but shares common spaces like gyms or pools.
What is a condominium (condo)?
A long-term loan used to buy property.
What is a mortgage?
The amount of money still owed on a mortgage.
What is a principal?
The final step when ownership officially transfers.
What is closing?
Regular payments for electricity, water, and gas.
What are utilities?
A movable home that can be transported to different locations.
What is a mobile home?
The person who owns and rents out property.
What is a landlord?
A fee paid to a real estate agent for selling a home.
What is commission?
A buyer's formal offer to purchase a home.
What is a purchase agreement?
Extra fees in some communities for shared amenities.
What are HOA (Homeowners Association) fees?
A house that is attached to another similar house on one side.
What is a townhouse?
The agreement that outlines rules between tenant and landlord.
What is a lease?
A legal claim against property for unpaid debts.
What is a lien?
When a bank agrees you qualify for a loan.
What is pre-approval?
The cost of fixing or maintaining a home.
What is maintenance?