User Contributed Dictionary
Noun
- The state of being a homeowner
Extensive Definition
An owner-occupier is a person who lives in a
house that he or she owns.
Owner-occupancy is therefore also called home ownership. Homes also
include condominums,
apartments, and
housing
cooperatives. The immovable property, including the home and
the land it sits upon, is known as real
estate.
Acquisition
Some homes are constructed by the owners with the
intent to occupy. Many are inherited. A large number are purchased,
either as new homes from a real-estate
developer, or as an existing home from a previous landlord or
owner-occupier.
Houses are usually the most expensive single
purchase an individual or family makes, and often costs at least
several times the annual household income. Given the high cost,
most individuals do not have enough savings on hand to pay the entire
amount all at once. In developed countries, mortgage
loans are available from financial institutions in return for
interest. If the home
owner fails to meet the agreed repayment schedule, a foreclosure may
result.
Government assistance
In several government-run home sale programs,
such as those run by the
United States Department of Housing and Urban Development,
owner-occupants are given preferential consideration on bids
offered; some programs such as "Officer Next Door" are limited to
certain professions who are required to be owner-occupants.