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Home Buyer Dictionary Term of the Week: Single Family Home

Definition of Single Family Home A free-standing residential building, or single standing structure, suitable for an average family size.

History and Origins Also known as Single Family Residences (SFR), a Single Family Home is a property type that is a standalone structure – a free-standing residential building. They differ from multi-family buildings, like an apartment complex, condo or other property type that is attached to another structure.

Real Life Applications Real estate professionals and lenders use terms like “Single Family Home” to determine property types and help buyers find homes that meet their needs. Single Family Homes tend to have more surrounding land that yields a sense of privacy, which can be more attractive to homebuyers with families looking to grow and set down roots in a community with a neighborhood feel. These homes can be available for purchase or for rent in some areas.

The Last Word It’s important to understand the terminology when searching for a home, as different property types come with different financial considerations. Understanding the benefits and responsibilities will help you find the best home for you.

 

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