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There is said to be 3 major types of real estate properties: vacant land, residential and commercial properties...
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Real estate propertites come in different types. There are also variations for each type. But, for certain, it is not only limited to being a house and lot. First off, real properties aren’t always residential areas. There are restaurants, hotels, resorts, offices, boutiques; you name it. It also doesn’t mean that a property has to be an establishment. It could be a forest, a farm, a mountain or even a river.
There is said to be 3 major types of real estate properties: vacant land, residential and commercial properties. Vacant lands are the properties like farms, hunting grounds forests and the likes. This type of property is known to make farm and ranch specialists quite successful in the business. Though the property is quite large and pricey with additional commissions, it is worth it if you fully understand how to make use of it. Second are the residential properties. It is the most popular with both the new and the experienced agents.
Of course, it isn’t unbelievable to know that housing is the most sought after type of property. Everyone needs a place to stay. It’s one of the major physiological needs of a person. Besides, there are different types of homes from condominiums, separate houses to duplexes, high value homes, vacation homes, etc. The last are the commercial properties. Commercial lands are used for business. It could either be an empty land zone, or an existing business building or buildings. Acquiring a commercial property is more complicated than a residential one.
It requires more complex methods like taking into account the income potential of the property, historical revenue, cash flow with owner perks removed, permits and many more. A person who usually purchases this type of real estate property is already an expert when it comes to business valuation. Buying this type of property is not recommended for those with little experience. It is advisable for them to take time to carefully specialize and be more knowledgeable in the business lands and property industry.
Industrial Properties – warehouses, parks, etc. Retail Properties Food Facilities – beverage factories, cookie factories, candy factories, etc. Hotels Offices If you search for home, you can check our website for more information and help. Moreover, there are more specific types of real estate properties like the following:
There are also real estate types for ownership – freehold, which the owner has immediate right to the property; non-freehold, which the owner has only limited amount of time for ownership; and concurrent, which is property owned by two or more people.
