We all know real estate is actually a tangible asset or a real property, which includes land, buildings and other improvements. Meaning of the term real estate is a real or physical property which has underground rights below the land. The basic three types of real estate properties are – residential, commercial and plots. Let’s discuss each one separately.
Plots
Plots include vacant land, working farms and ranches. Vacant land has subcategories comprises undeveloped site assembly. In real estate business, agents dealing with them have been quite successful. The basic thing to understand in dealing with this real estate property is understanding specific buying requirements and motivations of prospective buyers and sellers.
Residential property
This is one of the most popular ones. Both reconstruction and resale homes are included in residential property. Most prevalent kind is single-family houses. These also include townhouses, condominiums, duplexes, triple-deckers, vacation homes and many more.
Commercial property
Commercial property includes vacant land for commercial use or existing business buildings. Shopping malls, medical and educational buildings, hotels and offices fall under the commercial property. Even apartment buildings are considered as commercial space even if used by residents because it earns income.
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