A house means any building or structure or any residence, particularly any one with a ground floor and one or multiple storeys above the same. It is also a building where people gather for participating in any specific activity. It may also be used to refer to any company, business, society, or institution. It may also mean ensuring accommodation/space for something or offering shelter.
The definition of house can be delineated into the following:
1. A building that is the residence or living area for one family or multiple families.
2. A place of refuge or shelter.
3. A building where something is kept.
4. A family or household.
5. Any legislative, institutional, consultative, or deliberative assembly or organization.
6. A building where people gather for any purposes.
7. A company or place for business, entertainment, etc.
A house is a structure or building where any family or individual resides or stays. Legally, a house in the real estate spectrum means the permanent address, residence, or home of any individual or multiple individuals. A house or home is always someone’s primary place of residence, even if there is no one occupying the same at any given point of time. It is considered a home if there is an intention to return and the resident has not changed the legal address to somewhere else. An individual can have one or multiple houses. Ownership of a second house for income or investment will be a secondary residence in the portfolio. The primary residence will be the legal home and it will impact their taxability and other aspects.
Houses are of various types and include independent houses, villas, row houses, bungalows, duplexes, apartments, studio apartments, penthouses, and many others. They can refer to standalone buildings or entire buildings and also independent and self-contained apartment units or units within a gated community/township. They may be constructed by developers or the owners themselves. They can be bought and sold depending on prices, ownership, demand, and other factors. They can be used for rentals and lease and other income-earning methods which are subject to taxation. They can also be insured for risks of damage, destruction, theft, and the like. Houses are the lifeblood of real estate; they are the essential product/component that shapes the entire industry.
