Residential areas encompass a large variety of potential dwellings, from houses to houseboats, and from neighborhoods types ranging from the poorest slum to the wealthiest suburban subdivision. Many of these are not specifically real estate, which is a legal definition describing a state of ownership: residential real estate emerges when land sanctioned for residential use is purchased by someone, which becomes real property. Residential real estate is often the most important financial investment a person owns, and the value of real property on the estate is subject to shifts in the real estate market. Some people purchase real estate in the hope of making money, either by selling it at a profit or leasing it to others and charging them rent. But most people simply live on their property. First-time buyers of residential real estate frequently finance their purchase with a mortgage, a loan issued by a bank for the sole purpose of buying a home. The more the home is paid off, the more equity it gains. In some areas, it’s possible for real property to be used commercially, especially if the business operates on an appointment-only schedule, has very few employees, and generates little to no automobile traffic.