The real estate market might seem like an interesting field to get into, but it’s important to understand that there are different areas to focus on. Depending on your goals of just purchasing a home, starting a business, or generating income, you’ll need to know what type of real estate you want to get involved in. Generally speaking, there are four types of real estate including residential, commercial, industrial, and land.
When you think of residential real estate consider all types of homes ranging from big and small. Condominiums, single family homes, mansions, efficiencies, and duplexes are all under the residential umbrella. This branch of real estate includes existing resale, and brand-new construction. It doesn’t matter how the long the owner is around or how long the property has existed because all homes that can be purchased are a part of residential real estate. If you’re looking for something like a luxury home listings lakewood co you’ll hire a residential real estate agent.
Commercial real estate includes all of our business buildings. Think of service and shopping buildings as well as schools, hotels, and offices. Occasionally rental properties such as apartment buildings are considered commercial real estate because they are ran as a business. The units are rented out but ultimately the goal for the owner is to gain an income. Commercial real estate gets bought and sold just as well as residential, but the sales are usually much larger because service buildings tend to have huge amounts of square footage. If you’re a business owner looking to rent or own a commercial unit will need to speak with a commercial real estate agent.
Industrial real estate consists of buildings and property including warehouses. A perfect example of industrial buildings are those used for storage, production, food distribution, and research. You can also have commercial real estate buildings that distribute goods, but it’s important to know what types of items will be distributed. The type of service you can provide from a building is spelled out in the zoning. The construction and sales of industrial buildings is handled differently than the construction and sales of commercial buildings. Industrial building owners and renters tend to take on more square footage at time to be used over several years.
Land consists of ranches, working farms, and vacant land. Land can be undeveloped, early development, subdivision and site assembly. Zoning is important when dealing with land because there are various uses for a land. A farmer could have a fueling station on their property and that land will need an evaluation to see if any remedial steps are needed before a resale. Some land will be purchased to use as-is by hunting clubs. Other land purchasers might have the goal of developing the land to place a profitable residence or commercial building.
There are various types of transactions within the real estate industry. Each type of real estate has specific knowledge that is required when you engage in the lease or sale of the property. The four main types of real estate include residential, commercial, industrial, and land. Make sure you hire an agent to help you with your choices, they are knowledgeable and experiences in their respective areas and they understand the laws and zoning requirements.