Residential Real Estate includes both new construction and resale homes. The most common category is single-family homes. There are also condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational and vacation homes.
The term “residential real estate” refers to any real property—including land and any buildings on it—that is used for residential purposes. Single-family homes are the most common type of residential real estate. In contrast, commercial real estate includes land and buildings that are only zoned for business use (such as apartment buildings, office buildings, hotels, and so on). This does not imply that residential real estate cannot bring in money. Owners can live in their homes and sell them for a profit when home prices rise, or they can rent them out for passive income.
Water resources, trees, minerals, buildings, fences, bridges, and other permanent additions to real estate land are all considered to be residential real estate. The fact that assets expressed as real estate are immovable is the most fundamental and crucial distinction between real estate and movable. Real estate refers to any valuable and immovable structure. A person’s most valuable financial asset is typically residential real estate, and the value of the property on the estate is affected by market fluctuations. Some people buy real estate with the intention of making a profit from it, either by renting it out for a fee or selling it for a profit. Houses, houseboats, and neighborhoods ranging from the lowest slum to the wealthiest suburban tract are all examples of residential areas. A lot of these aren’t exactly real estate, which is a legal term for something that must be owned: When land intended for residential use is purchased and becomes real property, it is considered residential real estate.
What kinds of residential real estate are there?
In residential real estate, both brand-new and pre-owned homes are sold. Single-family homes are the most common type. The most common types of residential real estate are condominiums, single-family homes, and multifamily homes. Town halls, condominiums, cooperatives, three-story and four-story buildings, high-rise homes, and vacation homes are also available.
- Multi-Family Homes, Standalone Houses, and Condominiums: The fundamental three categories of residential real estate are these housing types.
- Cooperatives: When more than one person invests in a common pool for a predetermined amount of time to purchase a home, these are referred to as cooperative houses.
- City Halls: A public building used for meetings and offices of the town government is what the term “town hall” means.
- Buildings with three stories: They are well-equipped three-story buildings.
- Four-story structures: They are four-story, fully furnished structures.
- High-Rise Residences: Within the project’s scope, high-rise houses are multi-story homes. In real estate projects, housing plays a key role.
- Vacation Homes: The majority of holiday homes are detached villas and mid-rise apartment residences.
1. Condominiums
The definition of condo ownership can be found in Condominium Law No. 634. a building that is done; The separation of property rights by decision of the owners is condominium ownership, which indicates that parts like apartments, workplaces, stores, or warehouses are suitable for use in accordance with the purpose of construction. First and foremost, a residence permit must be obtained before purchasing a condominium. The document proving that the building’s construction has been completed and is now usable is known as a settlement certificate. The condominium title deed must first be obtained if a residence is to be purchased from a building whose construction has been completed and occupancy has been taken.
2. Standalone Houses
Standalone houses typically only have one or two floors and do not have floors that overlap. The fact that detached homes are a single type is their most well-known characteristic. Unlike apartments, there are no separate residences on the floors. In most cases, detached houses are built in the garden. You can have a garden and a house together in this way.
3. Multi-family Houses
Houses for more than one family Multi-family dwellings are homes that are used as long-term housing for more than one family. The term “multi-family dwelling” refers to houses in which a number of distinct dwelling units for the residents are housed in a single building or several buildings that make up a complex. The law mandates that there must be a family living in these homes.
4. Townhome
Although a townhouse looks like a house because the owner owns both the building and the land on which it is built, it is actually a multi-story structure with multiple dwelling units attached to it. Townhouses typically have two or three floors and are connected in a row. They have many things in common with the condominium.
Find a trusted real estate agent
It’s a good idea to work with an experienced local real estate agent if you want to buy a house, which means you’re looking for residential real estate. You can find homes that meet your needs and successfully navigate the purchase process with the assistance of a local real estate agent. Referrals from family and friends can be a good place to start. In order to find the agent who is the most suitable for you, make sure to interview several agents.
For more information on how Grand Investment Property can help you with Residential Real Estate, please contact us at (+63 32) 233-6629.