Owning a home can be one of the most rewarding and the most demanding positions to be in. While you are investing in your very own property as opposed to a landlord’s, you also want to get as much as you can out of your home while residing in the property. Additionally, you want to be mindful of how you can increase your home’s value and make it more attractive to buyers when the time comes to sell, while keeping your cost low.
Owning a home comes with a lot of external variables. Some are good, while some can be seen as a burden by others. Taxes for example are a necessary external burden, I am sure we can all agree on that. Ownership rights, however, can be seen as a plus. Estates and tenancies are just that, your ownership rights or the extent of interest an individual owns. Additionally, it also includes the degree, quantity and nature of those rights.
There are current property laws that relate specifically to real estate, while others relate to personal property. Additionally, there are laws that help make the distinction on real property vs personal property. Whether a property is considered real or personal can be simplified with a straightforward question: “Can you physically move it?”
Owning your own piece of real estate is most American’s dream. At least that’s a starter dream, in the end, the sky is the limit. However, once you reach your home ownership goals, you’ll need to know what those assets mean to you. While most people tend to use real estate and real property interchangeably, land, real estate and real property all have their different levels of ownership rights towards the plot of land you claim.
Unlike a fee simple estate, which provides for an indefinite time and untethered scope of ownership. A leasehold estate always has a definite beginning and end. Its duration is known and opposite of absolute ownership, this estate does not provide ownership rights. This is very important as not all of the legal rights usually associated with a real property will transfer to the tenant. All ownership rights will stay with the landlord and the tenant will have a limited scope of ownership.