Residential Real Estate

There are two important concepts when discussing residential real estate: Residential and Real Estate. The term residential suggests a private living space or that which is characterized by private residences. Real Estate, as generally defined by the laws, are stationary properties fixed in a certain land or location. It can not be moved, it is fixed a particular place. Thus, the general classifications of real estate are residential real estate and commercial real estate. Residential real estate pertains to a piece of property in a fixed location specifically used as private residence. Commercial real estate on the other hand pertain to that piece of land primarily used for commerce and for yielding a profit. Commercial real estate includes buildings or fixtures for businesses. A residential real estate is protected by a housing tenure, or the legal arrangement governing such.

While the idea of residential real estate may suggest apartments, condominiums and row houses; there are several other types of residential real estates. These include those attached or multi-unit dwellings, semi-attached dwellings, and portable dwellings.

One of the most common type of residential real estate is an apartment. An apartment is one where a single unit is in a multi-unit building. It is owned by one person and the units are up for rent or lease. A condominium, while particularly similar to an apartment, is a multi-unit building owned by individuals and are usually not up for lease or rent. A duplex is an attached residential real estate where two residential houses are joined by one wall. And of course, the most ideal for most the single detached residential house.