In the field of real estate appraisal, amenities refer to the nonmonetary benefits that a property offers to its owner. These benefits can enhance the property's appeal and value without having a direct financial impact. Examples include pride in home ownership, scenic views, and accessibility to cultural or recreational activities.
Pride of ownership refers to the sense of well-being and pleasure that some people derive from owning a home or other real property, encompassing intangible benefits such as social status, financial accomplishment, and community commitment.
A primary residence refers to the main home a person inhabits most of the year, also known as a principal residence. It contrasts with second homes and vacation homes.
In the context of taxation and real estate, a residence refers to a place where someone lives. It can be classified into various types including personal residence, principal residence, and qualified residence.
