Real Estate is classified into three major types. The classification is based on the kind of use of the estate.
Residential Real Estate
Residential real estate is a land used for housing purposes. This includes both newly constructed homes and resale homes. The most common category of residential homes is the single family home. However there are also condominiums, duplexes, triple-deckers, townhouses, and quadplexes. There are also economical homes, high-value homes and vacation homes. Residential real estate fall under residential zoning and has smaller floor area ration compared to commercial or industrial buildings. But there are also residential homes with enormous floor space and grounds such as mansions and palaces. These are usually owned by millionaires and billionaires. Also included in residential real estates are properties rented out for mobile homes.
Commercial Real Estate
Commercial real estate is used for business purposes. It includes office parks, malls, restaurants, office towers and convenience stores. An investor usually owns the building and he rents it out to other businesses that operate within the building. Commercial real estate includes parking areas, amusement and recreation parks. Commercial zoning requires all commercial real estates to comply with all the necessary permits and licenses. This will include safety and fire hazard inspection and clearance. In most cities and regions, owners of commercial real estates are also required to install CCTV for the protection of people coming into their commercial buildings. Commercial real estate is good for the economy because owners pay higher business taxes and provides job opportunities to many people. It also helps new businesses by providing space for their products and goods.
Industrial Real Estate
Industrial real estate is used for manufacturing, mining and for warehouses. The building within an industrial real estate are used for production, storage, research and distribution of good. This type of real estate comes in different sizes and shapes. Some large industrial sites include medium to large warehouse and factories that are used to manufacture and store goods. Some have distribution sections. Smaller industrial sites include small storage areas and office space in one building. Others use it for research work and business start-ups. The larger end of the scale of category of industrial real estate is known as the big box industrial space. This is a very big space usually uses as distribution and logistics center. This is where finished products and goods are distributed to stores or directly to customers.