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The Fundamentals of Buying and Selling Residential Real Estate

 

The Fundamentals of Buying and Selling Residential Real Estate

After food and water, shelter is the next most important asset for survival. In modern homes are more than a place to protect us against the elements. They are places we grow up, raise families, and make memories. Homes represent financial security and stability. They become a source of wealth.

Any property whose primary purpose is not for business is considered residential. This encompasses condominiums, townhomes, co-ops, villas, multi-family houses less than four units, and single-family homes. As you can imagine, residential real estate is a large segment in the greater property industry. According to one source, the United States had almost 128 million households in 2018. “Household” means all the people occupying a housing unit intended for living quarters, so that term could include several generations under one roof.

Local zoning ordinances define residential real estate cannot be used for commercial or industrial purposes. However, with the right permitting, running a home office is allowable. The City of Fort Worth Code of Ordinances explains the home occupations acceptable for running out of a home and the required standards, as detailed here.

Owning residential property, whether for personal use or with the intent to invest, comes with benefits and challenges. This article summarizes the advantages of residential real estate ownership and provides insights into buying and selling residential property.




REAL ESTATE CAREERS FOR PEOPLE WHO DON’T WANT TO BUY AND SELL HOMES


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