Real estate is considered as the property which is consists of land and buildings on it which also includes growing of natural resources such as crops, minerals, or water. It is the immovable property of nature and it is also the real property like buildings or housing in general. The residential real estate contains either a single-family or a group of families which is being available for the occupation or for non-business purposes. Real estate is a real property that consists of land and improvements which includes buildings, fixtures, roads, structures, and utility systems.
Types of real estate:
There are several types of real estate with unique purposes and utilities. The main categories in real estate are given below:
Land – Land is considered as the baseline for all the types of real property. This land typically refers to the undeveloped property and the vacant land in which the developers acquire the land and also combine it with the other properties. They rezone it so they can increase the density and also increase the value of the property.
Residential – Residential real estate consists of individuals, families, or groups of people. This is considered as the most common type of estate and also in the asset class, there are most families being familiar with. Within the residential, there are more single-family homes, apartments, condominiums, townhouses, and also the other types of living arrangements.
Commercial – Commercial property refers to the land and also the buildings which are being used by the businesses to carry out the operations. Some of the commercial real estate includes shopping malls, individual stores, office buildings, parking lots, medical centers, and also hotels.
Industrial – Industrial real estate refers to the land and the buildings which are being used by industrial businesses for the activities such as factories, mechanical productions, Research and development, construction, transportation, and other things.
Examples of the real estate:
Some of the examples of real estate’s are listed below:
Single-family dwelling – This is designed for a home that can occupy one family only.
Multi-family dwelling – This multi-family dwelling home is designed for more than one family.
Apartment – This is an individual unit in a multi-unit building and the boundaries of the apartment are generally defined by the perimeter of locked or lockable doors. They often saw it in multi-story apartment buildings.
Overview of real estate industry:
The real estate industry is being divided into several different areas are given below:
- Development – Real estate development is a process which involves the purchase of the raw land, rezoning, construction and the renovation of the buildings.
- Sales and marketing – Sales and marketing firm are works with the developers who can sell the buildings and the units they can create.
- Property management – In this property management, the real estate owners rent out the units in their buildings.