18. Current use of the property

The current use of a property refers to how it is being utilised or occupied at the present time. Properties can serve various purposes depending on their intended use and the needs of the owner or occupant.

Here are the primary categories of property use: 

• Private use: Private use of a property refers to its occupation by an individual or family for personal residential purposes. Private properties are typically owner-occupied or used by tenants under a residential lease agreement. The property is used as a primary residence, providing shelter, privacy, and comfort to the occupants. 

• Rental use: Rental use of a property involves its leasing or renting to tenants in exchange for monetary compensation, commonly known as rent. Rental properties may be owned by individuals, investors, or companies and are intended for residential or commercial purposes. Tenants occupy the property under a rental agreement or lease, usually for a fixed term. 

• Commercial use: Commercial use of a property involves its utilisation for business, trade, or investment purposes. Commercial properties are designed and equipped to accommodate commercial activities and may include retail spaces, office buildings, industrial facilities, and mixed-use developments. These properties generate revenue through the sale or lease of goods and services.