|
Real estate may have originated from French, Latin, Old English and Spanish terms primarily based on “real” which means actual, not imaged; or royal. It was a connotation of ownership of something tangible by a monarch or the nobility during earlier times. The term estate is as we know it today meaning “assets” or “estate” of particular persons. Real estate was equated to real property, something that cannot be moved such as land and its appurtenances, including buildings pathways or roads and the like. Real estate, being immovable, is clearly different and distinct from personal properties termed as “chattel” which are “movable” such as books, cars, jewellery, small tools and equipment. Homes, being appurtenances to the land where they sit are considered real estate. It is this form or version of real estate that has grown in popularity and is now the typical definition of real estate especially in densely populated urban communities. The increasing prices of real estate in many countries have led to the invention of “mobile homes” or “trailer homes” in the United States for those who cannot easily afford site-built home units. This type of home was inspired by the “travel trailer” which was primarily used for camping and stayed temporarily “anchored” only for short periods. The popularity of the trailer home in the US in the 1950s spread to other countries. Mobile homes were a convenient alternative to the far more expensive site-built homes. As these mobile homes grew in number in particular places, “normal” residents met their arrival with alarm as these cheaper home units could bring down the value of their own homes. Trailer homes qualified for lower mortgage loans due to their “impermanent” and mobile status categorising them under vehicles in terms of value and depreciation rate. Another area of concern was the mobile homes’ implication to tax laws. Vehicles as being of lower tax classification disadvantaged the government in tax revenues from the trailer homes as they are both “homes” and “vehicles”. Some states reclassified mobile homes into regular real estate for taxation purposes. Most of these laws used absence or removal of the wheels as qualifying indicators for real estate taxation. Mobile home owners just had to maintain the trailer wheels to avoid paying higher real estate taxes. Until now, tax laws concerning trailer homes still vary from state to state and are still evolving. There are also new housing regulation laws applicable to mobile homes including size of the housing unit, size of the plot it has to occupy, location of park or plots they are to be located, raw material standards, etc. The fate of the mobile home as a type of real estate is still in the balance especially since it is less durable that site-built homes which can withstand hurricanes and tornados far more than any model of the former. Do you want to learn about the Real Estate Market? Have a look out the Taylors Real Estate Market Video update. They can keep you up to date with all the local Coogee Real Estate Market.
Related Articles -
Randwick, Property,
| 
