Properties are highly sought after by the public for a simple reason: their value tends to rise over time, making them a future savings option. Properties can also generate income for owners through rent, buying, or development.
However, not all properties are the same. There are criteria that differentiate properties, and one of them is their intended use. Based on this, properties can be categorized into two main types: residential and commercial.
Residential properties are used for living, either by the owner or rented to others. Examples include houses, apartments, condominiums, townhouses, etc. Residential properties are usually more affordable, easier to find, and easier to manage.
Commercial properties, on the other hand, are used for business activities, either by the owner or by others who lease them. Examples include shops, offices, inns, retail spaces, etc. Commercial properties are generally more expensive, harder to find, and more complex to manage.
Now, you know the difference between residential and commercial properties, right? If you’re still confused, think of it this way: residential properties are where you sleep, bathe, eat, and relax, while commercial properties are where you work, sell, invest, and make a profit. Easy, isn’t it?
Understanding Commercial Property
