WHAT IS REAL ESTATE

Real estate consists of land and improvements like buildings, utility systems, structures, roads, and fixtures. Via property rights, one acquires a title of ownership to the land, improvements, and the natural resources in it, like plants, minerals, water, animals, etc. Byggfirma Martin Unhjem

It can be categorized into various types, each having a unique utility and purpose, the main ones being:

  • Land
  • Commercial properties
  • Residential properties
  • Industrial real estate

Land

Tømrer Kristiansand This refers to the portion of vacant land and undeveloped property. It is the basis for all types of real property. To increase the density and value of the property, developers get the land and join it with other properties (what is referred to as the assembly) and then rezone it.

Commercial

Totalentreprise Kristiansand Land and buildings that house businesses form the chunk of commercial real estate. These include office buildings, shopping malls, parking lots, individual stores, hotels, and medical centers.

Residential

This category consists of housing for families, individuals, or groups of people. This is the asset class, which is more familiar to many people, and it is the most common of the different types of real estate. It includes condominiums, apartments, single-family homes, townhouses, and other living arrangement types.

Industrial

This group refers to the buildings and land used by industrial enterprises to run their activities like research and development, mechanical production, factories, warehouses, and logistics and transportation.

Further, the real estate industry can be divided into several areas;

Sales and marketers who work with the developers to sell the units they create and the buildings, earning their share via commission.

Development, which is the process of buying land, rezoning, building, and renovation of buildings, and the lease or sale of finished products.

Brokerage, which is a company with realtors whose job is to facilitate the transaction between property buyers and sellers.

Lending, which involves such enterprises as banks, private lenders, credit unions, and government institutions, since almost all developments and properties use debt to finance their operations.

Property management, which helps the owners of real estate to rent out their properties. They fix deficiencies, collect rent, perform repairs, show around the property, and manage the tenants, all at a fee.

Professional services include lawyers, accountants, stagers, interior designers, construction workers, general contractors, and tradespeople. house