Hastings Troy real estate

 

There are several types of real estate, each with a unique purpose and utility

The main categories are:

Land

Residential

Commercial

Industrial

For anyone looking to understand how the industry works and what each of the major categories represents, the explanations below will be a helpful guide.

#1 Land

 

Land is the baseline for all types of real property. Land typically refers to undeveloped property and vacant land. Developers acquire land and combine it with other properties (called assembly) and rezone it so they can increase the density and increase the value of the property.

Hastings Troy News Business Advice

#2 Residential

Residential real estate consists of housing for individuals, families, or groups of people. This is the most common type of estate and is the asset class that most people are familiar with. Within residential, there are single-family homes, apartments, condominiums, townhouses, and other types of living arrangements.

Hastings Troy Business Advice

#3 Commercial

Commercial property refers to land and buildings that are used by businesses to carry out their operations. Examples include shopping malls, individual stores, office buildings, parking lots, medical centers, and hotels.

Hastings Troy Business Advice

#4 Industrial

Industrial real estate refers to land and buildings that are used by industrial businesses for activities such as factories, mechanical productions, research and development, construction, transportation, logistics, and warehousing.