Residential property refers to any type of property that is used for residential purposes, such as living spaces for individuals and families. This includes single-family homes, townhouses, apartments, condominiums, and other types of dwellings.
Residential properties are typically owned by individuals or families who live in them, although they can also be owned by investors who rent them out to tenants for income. Residential properties are often purchased as long-term investments, as they tend to appreciate in value over time.
Investing in residential properties can provide a reliable source of income for investors who choose to rent out their properties. It can also provide tax benefits, such as mortgage interest deductions and property tax deductions. However, investing in residential properties also comes with risks, such as market fluctuations, maintenance costs, and tenant turnover.
