When talking about real estate, it is basically a business involving a dealing with properties that are both commercial and noncommercial. This could include, office plazas, residential apartments, houses, condos, roads, lands, and various structures etc.
Real estate is a very broad term which could involve several different types of properties. There are many companies that are dealing in the real estate business and have specialized in either, residential, industrial or commercial properties such as Daniels Thornhill Company. To learn more about the different types of real estates, let us take a look at some of the major types that are commonly known.
This is fairly simple as it involves housing for families, individuals or collection of small communities. All such properties, including compounds, apartments, villas, small houses are commonly referred to as residential real estates. As mentioned earlier, these could be single housing units or could be a block of residential houses to be occupied by a small group on individuals or families.
Plot of Land
This basically involves a piece of land that is not developed yet. Such vacant areas or ‘lands’ could be bought solo or the buyer may purchase it with the intension to rezone it by developing it and combining it with another property. This is a called assembling. Usually this measure is taken to increase the worth and overall market value of the property.
This could include larger setups such as factories, warehouses, assembly plants, automotive industry facilities, mechanical and bio-chemical facilities etc. Certain research & development facilities and construction companies also occupy such properties for their expanded operations. Certain industrial properties also use their premises for storage of goods that are manufactured at their facilities. It is essential to classify the property as commercial, residential or industrial since this classification determines the future handling, taxation, planning and usage of the property.
When talking about commercial properties, these could include commercial schools, sports venues, shopping malls, cinemas, hospitals, business centers, office buildings and more. Such properties are usually bought by business owners to carry out their business operations or to expand their existing customer install base.