Common Types of Real Estate

Real EstateReal estate is the most popular business these days. With people wanting to own their personal land, there is a boom in the real estate business. There are several Types of Real Estate businesses which one person can do. However, you should consult Your Personal Financial Mentor before stepping into a real estate world because being an expert; he can tell you what type of real estate is suitable for you. Moreover, he can also tell you the highs and lows of this business and can help you design your strategies to make profitable investments.

Types of Real Estate

  • Industrial
  • Commercial
  • Residential
  • Vacant land

This list of the Types of Real Estate is not exhaustive. Most of the construction businesses these days are linked to the real estate.  One can also go in for a formal education in real estate and can also specialize in a particular type of Real Estate so let’s have a glimpse of the various types of real estate.

Residential Real Estate

This most popular Types of Real Estate. The numbers of people who want to own their own homes are on the rise. Because of this there are a lot of properties which are coming up. Some of the common ways in which residences are built are:

  • Independent houses – here the real estate dealer gets the buyer a property which he will own completely and where he can build a house as per his terms and conditions and liking.
  • Apartments- The real estate dealer buys the land and builds a multi unit building. There will be a boundary for each home and one apartment will be separated from the others either by walls or doors. Here, the buyer owns his part of the apartment and a small portion of the total available land.
  • Multi family unit – this is actually a multi-storey building. Normally each floor will be one apartment meant for a single family.
  • Terraced House – this is also known as a row house where a lot of similar buildings are there which will be continued in a stretch.
  • Condominium – these are similar to townships. These are apartments or row house where the house will be owned by the buyer. There will be common areas like parks, pools etc. which will be shared by all the individuals who have their own apartments. Hence there will be a personal area, which will be owned individually and common areas that will be held jointly.
  • Duplex – this is another option where two individuals can share one unit. However the two units will be separated by some means. There are also houseboats, mobile homes and tents. These need not be permanent. When not permanent, they are not real estate. Normally the size of the house is measured in terms of square meters.

Vacant Land

Another type of real estate business is dealing with the vacant land. Here, the size of the property is quite high in case it purchased for farming purposes. However, land is measured either in the grounds or cents or acres as the case may be.

Commercial Property

In this type of Real Estate business, the dealer deals with commercial properties. This can be just land or building or a group of buildings which is meant for commercial purpose. The valuations of these kinds of properties are much more complex than the other types of real estate. Commercial properties are more expensive than the residential ones.

 


Categories: Real Estate

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November 25, 2013 Common Types of Real Estate