Real Estate – Types and Differences
Real estate is property comprising of the actual buildings and land on it, and its accompanying natural resources like water, minerals or plants; immovable property like that of a building, homes or residential structure in general. Some real estate is also used to describe land where one may hold a mortgage or any other form of financial loan against the real estate. The term ‘real estate’ encompasses various types of property, including corporate real estate, vacant land, housing, farm land, commercial real estate and land with a resale value. Real estate has been a lucrative business for years now, because of the growing real estate markets in different countries around the world. Real estate developers have a large market to promote their real estate projects, which is also one of the reasons why many countries have experienced significant economic growth over the past few years. A wide variety of real estate projects exists in different countries, and real estate developers are able to cater to the needs of every kind of project.
The four types of real estate are: single-family homes (which include condos, town homes, bungalows and row homes), multi-family homes (which include houses, condominiums, apartments and town homes), and business complexes. Residential real estate projects include houses, apartments, town houses, bungalows and row homes. Commercial real estate projects include office buildings, warehouses, industrial estates, and manufacturing facilities.
Besides these types, there are also other terms used to refer to real estate, including the terms resale property and surplus real estate. Resale property refers to any type of real estate that is being sold so that another person or entity can buy it and occupy the land. This includes properties that are leased, and are the ones that are put up for lease by someone else. Surplus real estate refers to any real property that is left after a building is no longer needed. This could be vacant land, buildings that have been torn down, or even houses that have been transferred into a new owner.