If you hear the term “real estate,” what comes into mind first? What may initially enter your thought is that it is a physical property–well, you’re not wrong. If we define the literal meaning of real estate, the word “real” is said to originate from the Latin root res, which means “things”. Others claim it’s from the Latin word rex, which means “royal” since kings in the past used to own all the lands in their kingdoms. Whatever its origin is, we know that today, the real estate industry plays a huge role in helping us find our dream home or property. But before we dive into finding our new home, we must first understand the difference in real estate types.
There are many types of real estate, and here are the three primary categories:
Residential
Residential real estate includes undeveloped and newly constructed buildings. A residential property may be a single-family dwelling (an independent home or building that has an open space which separates it from other structures), or a multi-family dwelling (one or several buildings inside a complex that contains numerous housing units for residential occupants).
Commercial
Another type is the commercial real estate, where owners expect income from these properties. Facilities such as educational, medical, and shopping centres are some examples of commercial properties. Apartments, in another case, are also considered belonging in this type since they are owned to create profit.
Industrial
As the name suggests, the industrial real estate comprises manufacturing properties and buildings such as business parks, factories, farms, and mines. This real estate is commonly larger in terms of size.
Now that you’re familiar with the term real estate and its types, perhaps you may want to consider shopping for your prospective real estate Cairns at Cordenos Real Estate. Steve Cordenos can help you select the right real estate for you. And if in need of other real estate services, contact (04 1877 4994).