In The Grapes of Wrath, John Steinbeck states, “That’s what makes it ours – being born on it, working on it, dying on it. That makes ownership.” Steinbeck’s classic novel explores America at a time when owning anything, much less a home or business, was an unattainable dream for most people. Today, nearly one hundred years removed from the Great Depression, is the American dream of owning your own home or business something you want to explore? Read on for a description of options available to you.
When considering purchasing real estate, buyers need to be aware of the various classifications of available land, as well as the rights that accompany the purchase of land. Typically land is sold as residential, commercial, or industrial. Land categorized as residential includes both newly constructed homes and resale homes. While single-family homes typically dominate the residential market, residential options also include townhouses, condominiums, duplexes, and vacation homes.
Commercial real estate includes strip malls, shopping centers, offices, hotels, and even medical and educational buildings. Buildings used as residences but with the goal of earning money, such as apartment complexes, are also usually considered commercial real estate.
Industrial real estate refers to buildings used as warehouses as well as manufacturing facilities, including buildings used to produce, store, or distribute goods.
With the purchase of real estate comes the land, existing buildings, and underground rights below the land. Real estate agents assist buyers in exploring and purchasing all three types of land: residential, commercial, and industrial. Purchasing real estate can be both exciting and daunting but with the help of an agent who knows the ins and outs of the process, your dream of home or business ownership can be realized.