What is Real Estate

Real estate is simply a physical property including land and any structure attached to it. There are three primary types of real estate: residential, commercial, and land. Residential Real Estate This is housing or where people live. It is either single-family or multi-family based on the number of families they can accommodate. Single-family homes are free-standing units that are for only one family residence. Multi-family units; also known as apartments or condominiums, can accommodate many more families. Commercial Real Estate These are properties used for business purposes instead of housing. Examples include offices, educational buildings, retail spaces, hotels, multi-family housing units, and hospitals. Commercial properties also include those used for industrial activities including manufacturing and warehousing. The first thing you need to do is sit down and set your goals. Diana Scharf Hunt said, “Goals are dreams with deadlines.” A lot of times, people are thrown off by the idea of taking the time to set their goals. Land Vacant land and any improvements on it is the third type of real property. It is important to note that the zoning of each specific parcel determines what can be built on the land. Zoning laws are outlined by the city and regulate the use of land and what structures can be built on it.