Real Estate- A word so often heard, but still many are unaware about what it actually means? The technical definition isn’t just buying or selling of properties; it is far more than that.
What Actually is Real Estate?
Real estate is a term which refers to the ownership of land, property, buildings, natural resources, man-made improvements, and everything which is associated with that piece of land; both above ground and underground.
Types of Real Estate
Next, let’s understand the various types of real estates, how they differ, and which is associated with what activity. Here are the types:
- Commercial Real Estate – This type of real estate mainly includes buildings that are used for commercial purposes such as hospital, hotel, offices, malls, shopping centers, and educational institutions.
Apartment buildings, usually known as flats are disputed among commercial and residential real estate as they are used for residence purposes and at the same time they are owned for income as well.
- Residential Real Estate – This type of real estate deals with reselling of already built homes as well as the construction of new ones.
Residential properties are further divided into various categories, the single-home family home being the most common one while the rests are duplexes, triple-deckers, quadplexes, condominiums, high-value homes, and townhouses.
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- Industrial Real Estate – You might confuse these with commercial real estates. However, they are completely different.
Industrial real estate includes buildings, properties, and warehouses that are mainly used for production, distribution, and storage of goods.
- Land – A simple vacant land is also a part of real estate, including working farms and ranches as well.
There are many subcategories of vacant lands that are early development, undeveloped, and site assembly, namely.