Real estate is property such as land or buildings. For many Americans, real estate is their main way to build wealth by purchasing their primary residence. While it requires a lot of upfront investment and recurring capital, it is a great way to ensure stable growth most of the time.
In another article, we’ll explain how you can use real estate to build wealth.
But in this article, we’ll delve into the different types of real estate.
Types of Real Estate
Residential Real Estate - This is any type of property where individuals or entire families reside. When people think of real estate, they typically think of residential real estate. Examples include single-family homes, condominiums (condos), apartments, townhouses, and duplexes or other multi-family homes.
Commercial Real Estate - This is any type of property that is used for business purposes. For this category, think office buildings, malls, hotels, restaurants, and car dealerships.
Industrial Real Estate - This is any type of property used for manufacturing, production, storage, or distribution purposes. Examples of industrial real estate include factories, distribution centers, inventory warehouses, and more. These properties are mostly purchased by businesses to aid their operations.
Land - This is undeveloped property and vacant lots. It’s any property that is only land, with no buildings on it. This is an ideal property type for people investing or those looking to custom-build their home or investment property from the ground up.
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