Imagine walking through a lively city. Skyscrapers, homes lining the street, and tree-lined park precincts can be amazing to behold. They highlight various types of real estate, each with a unique purpose and story. People often get confined to buying an asset in an appealing spot, a lush greenery locale, or a metro city. But real estate is more than just land and buildings. It is about creating spaces where civilisations thrive. From corporate offices to villas and malls, it shapes how we work, live, and progress. If you are ready to dive deep, this article is for you! Keep reading to learn real estate basics, the different types of real estate properties, and their unique roles in our world.
What is Real State ?
It refers to a property consisting of land and structures permanently attached to it. These can be homes, buildings, or improvements that are man-made or natural. It does not include temporarily attached properties like vehicles, jewellery, equipment, and furniture. Real estate also encompasses the ownership, rights, and usage of the property.
Components in various type of Real State
- Land: The base for all real estate. ‘Land’ includes vacant plots and natural resources like trees, crops, water, and minerals. It spans the surface up to the airspace above and down to the centre of the earth. It is immobile and indestructible. Pieces of land differ geographically.
- Improvements: Modifications, additions or structures added to the land. These include houses, buildings, roads, fences or other constructions. They may be natural or manmade. Real estate refers to the land and structures that are permanently attached to it.
- Property Rights: The legal rights to own, control, and use the land and its improvements. The term ‘real property’ refers to land, improvements, and property rights.
Type Of Real State
Residential Real state
This is the most popular and prevalent one among the various types of real estate. Residential real estate offers habitats for people to live in. It refers to any property that is designed to serve residential purposes. These include homes, condominiums, apartments, townhouses, and several other types of residential property .
Commercial Real Estate
It refers to lands or buildings used for business needs. These properties include malls, parking lots, office spaces, hotels, and hospitals. They help businesses function, and people work and shop. Commercial real estate helps businesses grow, driving the economy forward.
Land
It is the foundation for all types of real properties. In real estate, land refers to an empty, unused plot. It can be utilised for many things like farming or building homes. Land value varies based on factors like location and size. Some people buy land with plans to build on it in the future
