Dwelling

What is a dwelling? 

A dwelling simply refers to a place designed for people to live in. It encompasses various types of residences, such as houses, apartments, or any other structure where individuals or families reside. 

Can a dwelling be used for both residential and investment purposes? 

Yes, this is known as a mixed-use property which is zoned for more than one purpose. These properties allow for a combination of residential and commercial activities within the same building or complex. Some common examples include: 

• Live-work spaces: some properties are designed to accommodate both living and working spaces. This can include loft-style apartments where the ground floor is designated for commercial use, such as a small office or retail space.
• Commercial spaces with residential units: In urban areas, you might find buildings that have commercial spaces on the ground floor, like shops or offices, and residential units on the upper floors.
• Home offices or studios: some residential properties may have spaces within them that are designated for commercial purposes, such as a home office or an artist's studio. With this said, the permissibility of mixed-use depends on local zoning regulations. Zoning laws dictate how land and buildings can be used in specific areas.

How is the value of a dwelling determined? 

The value of a dwelling is figured out by looking at various things. First, where it's located matters a lot – if it's close to schools, parks, and nice places, it could be worth more. 

The size of the place, its condition and how it's set up (the number of rooms) also affects the value. Real estate experts also compare the house to others that have recently sold in the area to figure out its value.