Classification Of Real Estate Based On The Purpose
Real estate is the term used to describe any physical property, land, building in addition to the rights to the air above and land below it. Since owning a good property is something that shows the financial status of a person, there are a lot of elegant and high-end properties that have come up.
Types of real estate properties
- Residential property – This constitutes most of the share of real estate and can be of many types. The most common one is a single home, but other types like double sharing, townhouses, vacation homes, etc. have also come up.
- Commercial – Commercial spaces are more developing these days and can include office buildings, public buildings like hospitals and schools, hotels, etc. Apartment complexes are also part of commercial spaces. Spaces like warehouses that are rented or purchased on a lease come under commercial spaces.
- Industrial properties – These properties are those used by industries for production, research, storage of products and goods. Properties or land used for the treatment of waste products that are let out as a byproduct of the industries is also part of industrial properties.
- Land – Any empty land or land used for farming, growing and breeding animals like ranches and hunting grounds come under lands.