Real estate is a property, composed of land or building.
There are four types of real estate:
- 1) Residential real estate
It includes new houses and resale houses. The most common category is single-family homes. There are also apartments, co-op apartments, townhouses, duplex apartments, three-story apartments, four-story apartments, high-value houses, multi-generation houses, and holiday houses.
- 2) Commercial real estate
Including shopping centers and strip clubs, medical and educational buildings, hotels, and offices. Even if an apartment building is used for residential purposes, it is usually considered to be a commercial building. That's because owning them is to generate income.
- 3) Industrial real estate
Including manufacturing buildings and properties, as well as warehouses. These buildings can be used for research, production, storage, and distribution of commodities. Some buildings that distribute goods are considered commercial real estate. Classification is important because division, construction, and sales are handled differently.
- 4) Vacant land
It includes farms and pastures. The sub-categories within the open space include undeveloped, early development or reuse, subdivision, and on-site assembly.
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