Real estate means real or physical property and any permanent improvement to the land, whether natural or man-made. The property includes water, trees, minerals, buildings, houses, fences and bridges. Many people said that the word “real” comes from the Latin root res or things, and some say that it’s from Latin words “rex”, which means “royal”. There are many different real estate types such as real property, land, building, aerial rights over land and subsurface rights below ground.
Top 4 Types of Real Estate
Following are the real estate types:-
- Residential Real Estate
The first type is Residential Real Estate. Residential real estate means living space, including both new construction and resale homes. There are also co-ops, condominiums, townhouses, triple-decker, duplexes, multi-generational, quad lake, vacation homes and high-value homes.
- Vacant Land
The second type is Vacant Land. This category includes farms and working farms. Subcategories of this real estate include early development or reuse property, undeveloped property, site assemble and subdivision.
- Industrial Real Estate
The third type is Industrial Real Estate. This category includes property, warehouses and buildings.
- Commercial Real Estate
The fourth and last type is Commercial Real Estate. This real estate category includes strip malls, shopping centres, offices, hotels, educational and medical buildings.