Agram Realty is your starting point to solve all of your New Jersey residential real estate needs.
Whether you are selling, buying or renting a home, a condominium, a townhouse, or any other residential property in the New Jersey area, we are committed in assisting you with our professionalism and experience.
If you are buying or renting a residential property, here are some classifications of residential properties:
Single Family Home
A single family home is a free-standing residential building usually having a lot that is larger than the home itself.
The area surrounding the home is normally known as the yard. In general, only members of a single family reside in this type of a house.
Also known as a condo, this type of a residential property is a building that is sold as individual units to different owners.
However, common facilities such as stairways, elevators, hallways, heating, and air-conditioning are jointly shared with all other individual owners.
You are the sole owner of your unit with responsibilities such as paying property taxes and paying maintenance fees for common areas.
Because, you are the owner of your unit, you can rent it, sell it, or mortgage it to other individuals.
Also known as cooperative apartment complex, this type of a residential property is different than a condominium because when you purchase a condominium, you own your unit, but when you purchase a co-op, you are not purchasing the physical apartment.
Instead, you are purchasing the shares in the cooperative corporation which owns the building.
When you purchase a condominium or a house, you are purchasing a deed but with a co-op you receive a stock certificate and an occupancy lease.
Now as a shareholder, you are required to pay the mortgage, property tax, and maintenance fees.
You can sell or mortgage your co-op but renting it or leasing it is dependant on your contract.
A townhouse is also a cooperative complex similar to a co-up but each unit has a separate entrance and is attached to other similar units via party walls.
2-4 Family Home
This is another free-standing residential building that is divided into 2, 3, or 4 separate units. The landlord can occupy one unit and rent the rest.
If the building is a 2 family building and the landlord occupies one of the units, the owner has the largest control of the second unit.
Also known as MDU, this residential property is a yet another free-standing building that is divided into 5 or more separate units.
It's also known as an apartment building. The landlord is the owner of the building and rents individual units to tenants.
Usually, the tenants pay the rent which includes utilities.