TYPES OF REAL ESTATE
Real estate is one of the oldest incomes generating venture known to man.
According to Kimberly Amadeo it is defined as ‘the property, land, buildings, air rights above land and underground rights below the land’.
The real estate market has continued to experience an increase in turnover despite the rise in housing and mortgage prices. This article will enlighten you on the different types of real estate.
COMMERCIAL REAL ESTATE
Properties used for the generating money are categorized as commercial real estate. These include shopping malls, strip malls, educational and medical buildings, churches,hotels and offices. Apartments are sometimes categorized under commercial real estate; this is because they are owned to generate income.
RESIDENTIAL REAL ESTATE.
These are properties that are primarily used for residential purposes, they include re-sale homes and new constructions. They range from town houses, maisonettes , duplexes, apartments, cooperative housing and vacation homes. A residential property can also be used for industrial and commercial purposes depending on the by-laws of its location.
These include vacant land, working farms and ranches in addition to land that doesn’t have any developed commercial or residential property
Vacant land can be subcategorized into early developed land, reusable land, subdivision and underdeveloped land. Raw land is typically worth less than land that has been subdivided.
INDUSTRIAL REAL ESTATE.
This comprises of ware houses and manufacturing building or property. They are primarily buildings used for research, production, distribution and manufacturing of goods. In some cases, buildings used for distribution of goods are categorized as commercial real estate this is because manufacturing and sales of these goods are handled differently.
Of all the investment types available, real estate investment provides the greatest form a security in wealth creation. If you would like be a smart investor, we have various investment options on our website for your viewing pleasure. Feel free to call one of our agents, 09087744001 or 09087744002 to discuss your options.
REMEMBER: “Nobody will ever manage your property as well as you do.”