Real estate is divided into commercial and residential property, with zoning determining the use. Residential property can include mobile homes, single family homes, and apartments, but is subject to regulations and taxation. Commercial and residential property can be mixed, but certain activities may be banned if they are considered a nuisance. Property value can fluctuate based on various factors.
Real estate is generally divided into two categories. Commercial property refers to areas that are developed or may be developed for commercial use. Residential property refers to areas that are developed or can be developed for living. The use of residential properties for commercial purposes is generally prohibited.
Property is usually considered commercial or residential by a process commonly known as zoning. Residential property must not contain a residence. A vacant lot can be zoned as residential. This means that people cannot use it for non-residential purposes.
There are many types of homes that can be placed in a residential area. These include mobile homes, single family homes and apartments. Condominiums and townhouses can also be placed on residential land. This does not mean that construction can take place without restrictions. In general, construction on residential land is subject to many regulations.
In many places, residential property is subject to taxation. This means that the owner has to pay the government to maintain the property. These taxes are usually charged annually and may be referred to as a personal property tax or property tax. If the owner doesn’t pay taxes on his property, the government can seize it.
Residential and commercial property can be mixed. This is often found in urban areas. Businesses and homes may be in close proximity or may be connected. When this is the case, landlords may have the power to choose how they want their property to be used. In some cases, however, commercial property may be attached to property classified as residential, but the owners may not have the power to alter the use of their property.
There is a huge range of domestic activities. Operating such businesses in a residential area may or may not be legal. There are numerous factors that can influence whether an activity will be banned. These include customer visits, displaying signage, and viewing heavy machinery or equipment. If these things are considered a nuisance or threaten to diminish the value of the property, the business will generally not be permitted.
Property value refers to the amount a property is believed to be worth. In many cases, the property value is not stable. There are many things that can make a residential property gain or lose value. For example, adding a residence to a residential lot generally increases its value by a significant amount. Adding aesthetic features like fences and trees can also increase the value of a residential property.
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