19. Intended use of the property

The intended use of a property refers to the purpose for which the property is acquired or utilised. It determines how the property will be occupied, utilised, and potentially monetised. The intended use of a property can vary widely and may include private, rental, or commercial purposes. 

• Private use: Private use of a property refers to its use for personal residential purposes by the owner or occupants. This includes properties used as primary residences, second homes, or vacation properties. Private use properties are not intended for commercial gain and are typically utilised by individuals or families for their own enjoyment and accommodation. 

• Rental use: Rental use of a property involves leasing or renting out the property to tenants in exchange for periodic rental payments. Rental properties can include residential properties, such as houses, apartments, or condominiums, as well as commercial properties, such as retail spaces, office buildings, or industrial units. The primary purpose of rental properties is to generate rental income for the property owner. 

• Commercial use: Commercial use of a property involves utilising the property for business or commercial activities. This can include retail shops, restaurants, offices, warehouses, factories, or any other premises used for commercial purposes. Commercial properties are typically acquired with the intention of generating income through business operations, leasing to tenants, or resale for profit.