Top 3 Major Types of Real Estate Property

There are three major types of real estate properties are available in US. These are the main categories and under them there are others small and niche categories are available. So, whether you want to buy or sell real estate in US, it will fall under one of the categories.

These three main categories of real estate have their own features and characteristics. Their uses vary and their cost also varies according to the property type.

1. Vacant Land

Vacant land is the land which is available to be occupied. It generally has no structure and is open. Sometimes structures of the previous owners may be present. Vacant land is suitable for ranching and farming. It is situated outside of the city. The spread is very large.

2. Residential Properties

This is the most popular and most sought after real estate property in US like in other places. This real estate type has got several sub divisions or sub types in it. Different people like different types of residential properties. There are new residential properties and existing residential properties. Some of the popular residential properties are condominiums, duplexes, vacations homes, separate homes, high value homes, etc.

3. Commercial Properties

Commercial properties are used for commercial use. Business, shops, institutes etc grow on such real estate properties. A commercial property may be an existing building or a empty land. These are the real estate properties which become much sought after when there is a growth in the economy.