Residential property refers to real estate designed for people to live in. This includes various types of homes, such as single-family houses, apartments, condominiums, and townhouses. These properties are primarily used for dwelling purposes rather than for commercial or industrial activities. The value of residential property can be influenced by factors like location, size, and condition. Homeowners often invest in their properties to increase their value over time. Additionally, residential properties can be rented out, providing income for landlords while offering housing options for tenants.