Real estate property comes in various types with each having its own distinctive structure. There are three major property types in the real estate business.
Vacant land is popular with ranchers and cultivators. The extent of property is considerable and the price high.
Residential property types include:
Single Family Residence Property
Single-family residences are single units, typically with a front and back yard, a driveway and an attached garage.
A duplex is a structure designed for residential use and contains two living blocks sharing a common wall. Duplex properties may be listed residential or commercial, depending on the purposes they serve.
Condominiums, or condos, are apartments that are independently owned minus a yard and with common parking facilities and offer many amenities.
Town House Property
Classic townhouses are doubled storied row of homes, with common sidewalls. The living room is situated below with the bedrooms above and there is a little fenced in yard.
Manufactured Home Property
Manufactured homes are erected in a factory and set up on the dwelling site. They must conform to the federal construction regulations.
A patio home is a single story home with one joint sidewall and a patio towards the back facing the common area. Patio homes normally contain 2-4 homes in each structure and may have a backyard.
Lofts are usually found downtown and have high roofs, huge wide windows, metal staircase and cement floors, but no yard.
Commercial property can refer to vacant land developed for commercial use, or an already existing commercial structure(s).
Specifics about certain commercial property types:
Multi-family property comprises of buildings meant for numerous family groups, leased on a permanent basis. They typically contain five or more living units with shared amenities, such as doorways, foyers, lifts, staircases and walkabouts.
Rooming house properties usually have no more than 20 furnished units with common bathroom and kitchen facilities given out on a temporary basis.
Mobile Home Parks Property
Mobile park homes are a blend of single and double spacious homes, sited in decent neighbourhoods and with at least three-fourth occupancy. Depending on the surroundings and facilities provided mobile home parks are given star ratings.
Retail space comprises of single construction taken by single or multiple tenants and exclusively meant for retail use such as sales and display of garments and electronics.
Office Buildings & Complexes
This type refers to a single structure intended for office use, or a set of offices in one structure or a group of buildings and are ideally located on the main road.
Mixed-use properties are a blend of residential and commercial units such as a retail store and a multi-family home in the same structure.
This property type includes hospitals and nursing homes, health care centers and assisted living facilities. A license is mandatory to run the facility.
Bed & Breakfast Properties
Bed and Breakfast inns are normally single buildings family units meant for temporary boarding.
Restaurants are built for the making and selling of food and drinks, and include canteens, pubs, and inns.
Hotel properties are constructions that provide a suite of facilities and services, typical of the hospitality industry. Hotels are classified as either Complete Service or Restricted Service. Hotels can also be affiliated to a national franchise chain.
Day Care Centers
Day Care centers provide childcare, disabled, and elderly care services; or are learning centers, such as kindergartens and nurseries. They have playrooms, rest rooms, and simple kitchen amenities.
Industrial property types are designed for industrial commercial functions. They include:
These are mini-warehouses and comprise of tiny compartments that are rented for private storage.
Warehouses are commercial buildings built for holding goods and consist of massive open inner sections.
Flex Space Properties
Flex space is a blend of industrial and office property. It is an arrangement that has a workplace and display area together with the industrial area.
Manufacturing property is designed for producing goods for sale or lease like factories.
Cold Storage Property
Cold storage property is a specialized structure that makes available storage in a chilled or icy setting.
Automotive structures are built specifically for the automobile industry and usually have a small office cubicle, car lifts, and overhead doors. They include repair units, used car hubs, and tyre fixing facilities. Detailed study of property types and their comparative values is crucial in deciding the best option to work with and the possible monetary benefits accruing from each.