Understanding Real Estate and Types of Real Estate. You may land to this page because you are trying to find out the types of real estate. Do you know what real estate is? Where do the terms come from? While you may know what is called real estate, here we will also talk about how the term was started. Also, we will uncover the types of real estate later, so keep reading.
What is real estate?
Before we get down to the types, let us first examine what the term ‘real estate’ really means. The word ‘real’ comes from the Latin term ‘res’ meaning things and some also say it is from the word ‘rex’ meaning royal. Royal here most likely because in the past, kings are the owners of all land inside the kingdoms. ‘Real’ here means physical or real and ‘estate’ means property. Real estate can be defined as a property with land, buildings, underground rights below, and air rights above the particular land. Even any natural resources like flora and fauna, water, or mineral deposits.
Real estate is real property meaning that not only the land and the buildings but also all the improvements of the land. Real property is distinct from personal property. Real property refers to the land and anything attached to it, and it is immovable. Personal property is a movable property like furniture also fixtures as well as intangible assets such as investments. Renters and leaseholders have temporary rights to the real property. This means that they have possession of the real property in a certain period.
Types of real estate
Now that you have a better knowledge of what real estate is, let us move to the types of real estate.
Involved in this first type are newly constructed and resale houses. Most frequently found for residential real estate is the single-family house but there are also other types of residential constructions such as townhouses, condominiums, duplexes, co-ops, vacation homes, quadplexes, triple-deckers, duplexes, multi-generational and high-value homes.
Included in commercial real estate are malls as well as shopping centers, educational and medical buildings.
Inside the industrial real estate, we can find manufacturing properties and buildings like factories, mines, farms, business parks, and also warehouses. The properties that fall into these categories are buildings in larger sizes with the locations that may have access to transportation hubs.
Included in this type are vacant land, ranches, and working farms. Vacant land has subcategories that include site assembly and subdivision, early developed, reused, or even undeveloped land.
Those are the types of real estate that you should acknowledge. Particularly if you are trying to get into the real estate business, this knowledge is necessary. This because a different type of real estate will have various zoning constructions, the sales will be handled in various ways too. Also check Secrets real estate agents never tell you