Residential Real Estate
Residential Real Estate
The most common real estate that is being purchased almost everyday is a residential real estate. The legal agreement for the right to occupy a residence is called housing tenure. Housing tenure involves financial arrangement that someone has the right to live or occupy the house or apartment from the owner or landlord. Types of housing tenure are tenancy which the means that the tenant holds a real property by some of form of title from a landlord. Another is owner occupancy wherein a person who lives in a house is the owner himself. Condominium is a form of housing tenure where certain part of the whole house or building is being occupied by the person while he or she has the right to use the common facilities around it. While housing cooperative is a legal entity which most buildings do. All the persons inside the building have the right to occupy the place or unit depending on the agreement. This is similar to leasing.
Classifications of residences can be made by if and how they are connected to neighbouring residences and land. Apartments, multi-family house, terraced house, condominium, are categorized as attaché or multi-unit dwellings. While duplex is included in semi-detached dwellings. Portable dwellings include mobile homes, houseboats, and tents.
Sizes of an apartment or house can be described in square foot or meters. In most countries, area of living spaces excludes garage. While on Europe, area of the walls that encloses the home is included in square meters including garage and other minimal spaces. A studio apartment is being described by the number of bedroom/s but don’t include kitchen. A single room apartment will include dining room, living room and the separate single room. For the other residential real estate, there are two or three bedrooms including living and dining rooms as well.
These are just some of the examples of real estate residential. These residential are subject to property selling and are also ideal to invest. When buying a residential real estate, buyer and seller hold the agreement or contract that contains the details about the properties like the address, or exact location, description of attached goods (fixtures), unattached goods (chattels), transaction records like amount of down payment, interest, deposits, assumption of mortgage and any financial dealings involved. The price of a real estate property will also depends on it square meter size and the number of bedrooms it has.
For residential real estate purchase, there are some residential owners that post or create website for their properties on sale. These sites are very helpful to use and it will give you complete and exact information about the property you choose to buy. Books about real estate investment can also be good guide in picking a property to buy. Depending on the location you choose to invest your properties, there are many processes to negotiate with an agent or owner. If you are not permanent resident, there maybe some approval you need to go through before buying residential property.