By definition, residential real estate is any property that can be used for habitation. If you can live in it, it’s a residential property. That said, let’s explore a few commonly asked questions about residential real estate.
1. What Qualifies a Property as Residential Real Estate?
Residential property is any property an individual or family can live in. There are several different types of residential real estate properties including single-family detached houses, townhouses, condos, apartment buildings, and multi-family units.
2. What is the Residential Real Estate Industry?
The residential real estate industry encompasses a large number of activities, people, and entities. For example, brokerages, banks, developers, architects, trusts, and builders all work with individuals and landlords to design and build spaces for inhabitation.
The residential real estate industry involves the buying, selling, renovating, renting, financing, management, development, and construction of these spaces.
3. Who Buys Residential Real Estate?
In general, individuals use a real estate agent to find and buy homes. Sometimes, companies buy homes and then act as landlords to people who rent their properties. Brokerages are the middlemen between buyers and sellers. Residential real estate can be bought as primary residences, vacation homes, or investment properties.
If you’re in the market for a new home and would like to know more about residential real estate, be sure to contact a real estate agent in your area. A knowledgeable real estate agent can be the biggest asset you have in the home buying process.