What is the difference between Residential Property and Commercial Property?

Question

Accepted Answer

Residential Property is used for living purposes while Commercial Property is used for business purposes.

Residential Property includes houses, apartments, and condominiums where people live.
Commercial Property includes office buildings, retail stores, and warehouses where businesses operate.
Residential Property is typically zoned for single-family or multi-family dwellings, while Commercial Property is zoned for commercial use.
Residential Property is usually valued based on comparable sales in the area, while Commercial Property is valued based on potential income generated.
Residential Property is often more emotionally driven in terms of buying decisions, while Commercial Property is more financially driven.
Examples of Residential Property include single-family homes, townhouses, and duplexes. Examples of Commercial Property include shopping malls, office parks, and industrial buildings.

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