Which Of These 4 Real Estate Types Exists?
Real estate can be classified into four main categories: residential, commercial, industrial, and vacant land. Real estate for homes will be discussed first. These homes typically have four or fewer units and are used for private residential purposes. On the other hand, commercial real estate serves business needs and produces cash flow. Commercial real estate examples include office buildings, gas stations, shopping malls, and shopping centers. The land that people use to live on and own homes are known as residential real estate. This property consists of residences such as homes, apartments, townhomes, co-ops, villas, and more. It represents a sizable portion of the real estate market. As of 2018, there were almost 128 million households in the US. A family or group of people residing in one unit is referred to as a household. Some families have several generations living together. Residential real estate prices are influenced by supply and demand. The price will decrease when supp...