Apparently a lot when it comes to marketing investment properties for sale or lease. If you have a property and are looking for buyers or tenants, a good place to begin is by first defining your space.
REColorado has compiled some helpful definitions to give you all of the information you need to determine your particular property’s designation. Our team at Corken + Company has summarized the terminology, different property types, and guidelines below.
1 unit for sale
means the property is Residential. This can be further specified by combining the type of property (i.e. condo, townhome, single-family, etc.) and the type of structure.
2 to 4 units for sale
means the property is Residential Income. This indicates that one or more of the units could possibly provide a source of income for the buyer. This is typically a duplex or triplex, etc. This terminology only applies to listings in which the entire complex is being sold as one structure. For instance, if only half of a duplex is for sale this term does not apply. It would qualify as Residential only. Instead, there are several other ways to indicate that the property has an additional dwelling unit during listing.
More than 4 units for sale means the property is Commercial.
These are the three main terms to designate a property type for listing. A common source of confusion however are Accessory Dwellings. According to the guidelines above it may seem like such a property would be deemed Residential Income, however if the primary structure is a single-family home then the entire property qualifies as Residential only.
After you understand what type of investment property you are selling, leasing, or buying, don’t hesitate to reach out to Corken + Company with additional questions or for more information about getting your listing on the market. We are a multifaceted company specializing in comprehensive service based on extensive experience in the Denver market. We offer real estate solutions without limits and would love to assist in your next real estate venture!
Use the link below as an additional source for real estate terms and definitions.
