Residential Real Estate
Think of residential real estate as where people live. These properties are designed for individuals and families to call home. Here are the key characteristics:
- Property Types: Residential real estate includes houses, apartments, condos, townhouses, and sometimes even vacation homes. These properties are primarily for living and can range from single-family homes to multi-unit apartment complexes.
- Use: People use residential properties as their personal living spaces. They are not intended for business or commercial activities.
- Location: Residential properties are typically located in neighborhoods and communities, often near schools, parks, and other amenities.
- Financing: When you buy a residential property, you typically secure a mortgage loan. The terms and requirements for residential mortgages are tailored to individuals or families looking to buy a home.
