What are the types of real estates? how to choose the right one for you?
Methods of Choosing the right property.
This article is for whoever is interested in the Real Estate Market or wants to join the Real Estate Investment field in particular, but does not have the necessary and enough information about types of real estates and all about it . That’s why, we are trying to simplify and identify such matters adequately.
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What is Real Estate?
The real estate is defined as everything fixed in its place and cannot be transported without damage whether it is in lands themselves, soil or buildings. Experts have classified it in more than one way, which we will review together below
Real Estates Types according to Its Nature
- Residential Real Estates: Apartments, villas, palaces, chalets.
- Industrial Real Estates: Factories, warehouses.
- Commercial Real Estates: Administrative buildings, commercial centers, shops …, etc.
- Agricultural Real Estates: Farms, orchards.
- Publicly Owned Real Estates for Certain Purposes: Government lands, mosques, churches, hospitals, schools.
Another Classification of Real Estates
Vacant Land
It is the right solution for all types of real estate where you will find flexibility in construction and choose the quality of the building itself through licenses and legal papers, and you can also invest in them.
Residential Units
It is the most popular type of real estate and most demanded. Moreover, residential units have multiple forms, such as: villas, studio apartments, duplexes and others. Similar to the vacant land, you can invest in them or own for personal use. However, in all cases you should study the market and plan seriously before buying.
Commercial Units
Such types of property are not intended for housing by a family. Instead, this section contains commercial offices, shops, industrial buildings and retail buildings. These units are difficult to sell and require considerable experience to promote them appropriately. Yet, they are featured with their high rental value and constantly rising price.
Real Estates Classification according to their Nature and Characteristics
Real Estates Characteristics
Any real estate has a set of characteristics distinguishing it from others and making it suitable for the buyer needs
Real Estate Location
Real estate location in terms of the area and view; its location in a main or side street, distance from services, and nearness to governmental and service institutions, chiefly affects its price.
Supply and Demand
The value of the real estate itself is determined by the supply and demand in the local market. If supply is lower than demand, the price of the real estate itself will rise due to the lack of meeting needs.
The Real Estate’s User Needs
The user’s own needs enhance the value of one real estate over another. For example, a large family has more needs than a family of just two members, so the needs of the first family, in this example, will be completely different from the small family.
Difference and Contrast
Real estates have a range of variations, creating divergence and diversity for users in terms of location, area, design and price, which make a single residential block consists of several different models to suit divergent needs.
Promotion and Marketing
The Promotion and marketing of the real estate itself contributes to the difference in its value. The presentation and its methods may completely change its price and value, especially if you are aware of market needs and marketing strategies.
Points that will help you make the right decision and choose the perfect real estate for you
Right Price
You should choose the right real estate in terms of price. The price of the real estate and meter, as already mentioned, varies from one area to another and depends on its view on a main street.
Meeting Needs
The real estate should meet the living needs of you and your family and certainly according to your abilities.
Means of Transportation
Choose the real estate that is accessible by appropriate means of transportation.
Medical Services
Make sure of the provision of medical services, such as hospitals and pharmacies within walking distance of your home.
Learning Centers and Schools
Do not forget to choose your real estate in area provided with schools and learning centers which suit the academic stages and the desirable education level for your children.
Safe Place
Security is one of the most important living requirements, thus ask the neighbors about the security situation in the region.
Exchange of Experience
Before deciding to buy, you should ask about the real estate’s history, owner and contract, and whether he has paid any overdue bills or installments so that you do not fall victim to deception.
Legal Matters
Legal contracts and papers are the most important proof of your right. Therefore, if you do not have enough experience, you should hire a specialist in this and listen to the advice of others.
Purpose
Set the purpose of your owning the real estate as it would affect the choice, whether it is for investment, living or starting a private project.
Space and Division
Choose the right space for you according to the purpose of buying the real estate and of course according to your financial abilities.