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What is Residential Real Estate?

What is Residential Real Estate?

Residential real estate is all of the permanent additions to the real estate land and the land that exists on the land such as water resources, trees, minerals, buildings, fences, bridges, etc. The most basic and important distinction between real estate and movable is that the assets expressed as real estate are immovable. Every valuable and immovable structure can be defined as real estate. Residential real estate is frequently a person’s most valuable financial asset, and the value of the real property on the estate is subject to market fluctuations. Some people buy real estate in the hopes of profiting from it, either by selling it for a profit or by renting it out to others for a fee. Residential areas include a wide range of possible dwellings, from houses to houseboats, and neighborhoods ranging from the lowest slum to the most affluent suburban tract. Many of these are not strictly real estate, which is a legal term indicating a condition of ownership: residential real estate is created when land designated for residential use is purchased and becomes real property.

What are the Types of Residential Real Estate?

Residential Real Estate has both new constructions and second-hand homes sold. The most common category is single-family homes. Condominiums, standalone houses, and Multi-family Houses are the main types of residential real estate.  There are also condominiums, cooperatives, town halls, three-story buildings, four-story buildings, high-rise houses, and holiday homes.

  • Condominiums, Standalone House, Multi-Family Homes: These housing types are the basic 3 types of residential real estate.
  • Cooperatives: Cooperative houses are mass housing projects that occur when more than one person invests in a common pool for a certain period to buy a house. 
  • Town Halls: The meaning of town hall is a public building used for town-government offices and meetings.
  • Three-Story Buildings: They are equipped buildings consisting of three floors.
  • Four-Story Buildings: They are equipped buildings consisting of four floors.
  • High-Rise Houses: High-rise houses are multi-story houses within the scope of the project. Housing has an important place in real estate projects.
  • Holiday Homes: Holiday homes are predominantly detached villas and residences in mid-rise apartments.

1. Condominiums

Condominium ownership is defined by Condominium Law No. 634. A completed building; Condominium ownership, which indicates that parts such as flats, workplaces, stores, or warehouses are suitable for use in line with the purpose of construction, is the separation of property rights by the decision of the owners. To buy a condominium, first of all, a residence permit must be obtained. A settlement certificate means the document showing that the construction of the building has been completed and has become usable. If a residence is to be purchased from a building whose construction has been completed and whose occupancy has been taken, first the condominium title deed is obtained.

2. Standalone Houses  

A detached house is a type of house that does not have overlapping floors and usually has one or two floors. The most known feature of detached houses is that they are a single type of house. There are no separate residences on the floors like apartments. Detached houses are usually built in the garden. In this way, you can have a garden together with the house.

3. Multi-family Houses  

Multi-family dwellings are places where families live permanently and are used for permanent accommodation. Multi-family dwellings are homes in which many individual dwelling units for residents are housed in one building or several buildings from a complex. According to the legislation, it is required to be a family in these residences.

What are Residential Real Estate Features?

Here’re important features to consider when buying a house:

  • Location of the House: The location of the house in the neighborhood is also important for many people. Some people prefer to be close to the main entrance, while others like to be away from traffic and more into the development. This is an important criterion.
  • The Size of the Lot: There should not be much difference between the target and the size to be taken.
  • Number of Bedrooms, Number of Bathrooms: The condition of the rooms of the real estate, such as the bathroom and kitchen, should be checked.
  • Home Appliances’ age, Style, and Condition: The style and state of the prevailing conditions should be examined.
  • The Price: Since the price criterion is determined according to the characteristics of the house, it is necessary to examine the index and price situation.
  • Age of the House: Housing age is important as it concerns the current situation and future of housing.

How to Buy Residential Real Estate?

First of all, it is necessary to analyze the financial power that can be used for real estate. After determining the financial situation, it is necessary to determine in which region to buy a house. Appropriate parts of these regions are determined according to financial power and capacity. After this stage, the location and location of real estate are reviewed again. Research is carried out according to the importance of transportation, public services, shopping opportunities, and similar criteria. It would be wise to consult a real estate agency for research in the regions. For this, the Realty Group agency will be the most ideal choice with its experience, power, and opportunities. For the optimum result required the proposals that are suitable for the needs are selected and the result is reached. In the last stage, the necessary procedural steps are taken.

How to Buy Residential Real Estate in Turkey?

Expats can find plenty of affordable home options in Turkey. Property in Turkey is still reasonably priced for foreign buyers. However, there are several considerations to make before taking any action. Turkish law states that property transfers can be made at the Land Registry Offices. It may be necessary to sign two types of the deed, a title deed, and a title deed. They can be obtained after obtaining the residence permit. Therefore, it is better to consult real estate agents specializing in arranging property for foreign nationals. If your residence permit is not important, it is necessary to obtain the Foreigner’s Identity Number from the Department of Foreigners to continue purchasing real estate. According to Turkish legislation, title deed transfers can be made at the Land Registry Directorates. It may be requested to sign two different types of deed. They are available when you receive your settlement document. It would make sense to seek advice from real estate professionals who specialize in finding homes for foreign nationals.

What Should You Know Before Buying Residential Real Estate?

Some of the principles that should be known before buying Housing Real Estate are explained below:

  • Use a Trusted Realtor: Using an expert, an experienced consultant is one of the smartest moves to make.
  • Contract principle: It is important to determine the contract according to the principles. Otherwise, contract obligations may pose a risk in the future.
  • Commitment: Since the commitment will be binding, action should be taken after a rational analysis.
  • Determination of Solvency: While planning the budget, maturity and liquidity power should be well calculated.
  • Looking Beyond Paint: Look beyond paint is necessary for choice
  • Future Planning: Long-term plans should be considered before agreeing to buy the target home.

What are the Advantages of Buying a Residential Real Estate in Turkey?

The low cost of entry is an important advantage. It is a benefit that concerns all kinds of audiences. This is the cost of entry advantage of buying real estate in Turkey. As a property owner, you’ll have to deal with a lot more red tape when it comes to commercial investing. Zoning restrictions are more stringent, construction permits are more difficult to obtain, and so on. Tenant turnover isn’t something that most residential real estate investors deal with regularly, especially if they specialize in single-family homes. Businesses adapt and grow, and the tenants who make up commercial buildings often do. With the market so volatile, it can be difficult to retain tenants for long. In reality, as a residential real estate owner, there may be people who are committed to being long-term tenants, provided that the tenants are effectively promoted. If you focus solely on getting long-term tenants, you can be more assured that long-term tenants will treat the property as their own. The rate of being affected is lower in economic crises. The investor at least has the advantage of being able to follow a wait-and-see policy. Residential real estate performs better in economic crises.

How to Manage Residential Real Estate in Turkey?

Buying real estate in Turkey, whether for long-term investment or summer residence, requires constant monitoring as well as the management of that property in all aspects. Monitoring and analysis are the main principles. The main purpose of buying property in Turkey is an important consideration. Especially those who will buy a house choose Turkey for these purposes. Permanent residence for investment, visits during summer, and holidays to generate a profitable return, are three main common objectives. Real estate investment can be managed by making risk management according to these issues.

Residential vs. Commercial Real Estate: What’s the Difference?

The following are the technical differences between a residential and commercial property: Single-family homes and one to four-unit rental residences make up residential real estate. Commercial property, on the other hand, is defined as anything with five or more units. Residential real estate includes condos, duplexes, and quadruples, whereas commercial real estate includes office, retail, industrial, multifamily (five units or more), hotel, and special-use buildings. The sort of tenant that each property gets is another significant distinction between commercial and residential properties. Families and individuals often lease residential buildings, whereas businesses typically lease commercial properties. Each property type offers a unique set of possibilities. Commercial real estate tends to provide investors with a considerably broader selection of investing options. Commercial property investment funds, for example, outnumber residential property investment funds. Residential real estate investing, on the other hand, tends to provide investors with more active involvement in the property.

Why is Commercial Real Estate Riskier than Residential Real Estate?

Commercial real estate is riskier to invest in due to two factors: natural economic swings and the unique nature of your property. The first is straightforward: Commercial real estate is leased to businesses or used for business purposes, and these activities require a robust economic environment to prosper. For example, purchasing a hotel in a touristic and/or vibrant city like Berlin, where commercial real estate has been a great hit in recent years, is a solid investment. Residential real estate is safer in this regard because people will need a roof over their heads regardless of the health of the economy; during periods of recession, you’ll have to rent your home for a lesser price, but commercial real estate will not. The second is self-explanatory: in residential real estate, a house is a house, and unless you’re targeting a niche market, such as large families, your property will appeal to anyone searching for anything in that size and price range. Commercial real estate, on the other hand, is not “one size fits all”: a supermarket cannot accommodate a restaurant, and a petrol station will not be suitable for a clothing store. Again, this sounds pessimistic, but keep in mind that you will face less competition than residential property owners.

Because of its selling procedure and return-on-investment calculations, commercial real estate becomes riskier. Residential sales are based solely on emotion. Buyers decide to purchase a home because it seems good to them. It can be achieved in commercial real estate by determining some difficult-to-discuss corporate objectives. It’s utilized as a real investment to guarantee a certain rate of return on your money.

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