REAL ESTATE 101- BASIC KNOWLEDGE ONE NEEDS TO HAVE ABOUT REAL ESTATE.
Real estate is property consisting of land and constructed buildings, alongside natural resources such as minerals, water and crops. The term defines genuine land property, the soil beneath it and any structures built on it.
Basically, real estate can be understood generally as everything that one can find on or below land- immovable Properties.
Real estate can be categorized into four types namely:
- RESIDENTIAL REAL ESTATE
- COMMERCIAL REAL ESTATE
- INDUSTRIAL REAL ESTATE
RESIDENTIAL REAL ESTATE
This category consists of buildings where people reside. It includes both new construction and resale homes. Examples are; duplexes, triple- decker, quaplexes, high-value homes, and vacation homes. This is the most regular aspect of Real Estate people are very much familiar with.
COMMERCIAL REAL ESTATE
These set of properties are strictly for commercial uses, that is to say, they are basically used for generating income or revenue. Such are: shopping centers, malls, medical and educational buildings, hotels, offices, filling stations, relaxation centers and more.
INDUSTRIAL REAL ESTATE
This is an aspect of the industry that deals with lands and buildings that are used by industrial businesses for activities.
This type of real estate has been a major controversial topic because most people contend with the fact that it should be categorized under commercial real estate, while others believe that, in the case of industrial real estate, there is a marginal difference in respect to the purpose of purchase order than it just being a means of generating income.
Basically the second school of thought stands true with regards to zoning, production or the size of the property. Examples of industrial real estate includes; manufacturing buildings also known as warehouses, storage, development and research facilities, factories, mechanical productions, construction, transportation, logistics, and warehousing.
Lands comprises of all naturally occurring resources whose supply is inherently fixed. Land properties includes vacant land, farms and ranches.
Aside real estate being a property grubbing avenue there is also the business aspect of real estate which is the profession of trading properties for interested buyers and investors. This profession has been, in fact, the most lucrative yet service oriented all over the world.
Below Are Different Types Of Real Property.
- Single-family dwelling – Apartment for just a family.
- Multi-family dwelling – Homes for more than one family.
- Attached – Twin units.
- Apartment – A Single unit in a multi-unit building.
- Multi-family house – multi-story detached buildings, where each floor is a separate apartment or unit.
- Condominium- buildings with independent units owned by different persons.
- Detached house – A stand-alone building.
- Portable house – Houses that can be moved on a flatbed truck.
- Mobile home – A vehicle that has a permanent residence attachment.
- Villa – A building with only one room and typically a steep directional roof.
- Hut – Home made of raw materials such as bamboo, mud, and clay.