Single-family home
A standalone house built for one household on its own lot. The owner typically owns both the building and the land.
Also called: SFH, SFR, detached home, house
Related terms
A home where you own your unit and share ownership of common areas like halls, roofs, and grounds. An HOA manages the building, and monthly dues cover shared costs.
A multi-level home that shares one or more walls with neighbors. Depending on the legal setup it may be owned like a house with its own land or like a condo.
A building with two or more separate housing units. Properties with two to four units can use residential loans; five or more are usually financed as commercial.
The most complete form of ownership, where the owner holds the land and buildings with no time limit and can sell or pass them on. Most homes are owned this way.
The home you live in most of the year. Loans, tax breaks, and insurance are often better for a primary residence than for a second home or rental.