Real Estate Services
Real Estate 101
Let’s begin with a definition. In its most basic sense, real estate is property consisting of land, the building and other structures permanently attached to it, natural resources above and below the land and the air space above it. Real estate (sometimes referred to as realty) is considered real property and all other property is considered personal property. Below is a chart that identifies different types of property and categorizes each as either real property or personal property.
As stated above, this is the most basic definition of real estate. In reality, however, the term “real estate” encompasses a great deal more than simply differentiating between real and personal property. In a broader sense, “real estate” is a valued personal asset/investment as well as a professional business for many.
As a personal asset, real estate can bring significant satisfaction to the owner in terms of comfort, safety, security, enjoyment and income. Oftentimes, it represents the owners’ greatest source of wealth and savings. Here is how real estate ownership is typically categorized:
- Primary Residence
- Second Home
- Investment Property
- Real Estate Investment Trusts (REITS)
As a business, real estate is a very significant part of our national economy, collectively contributing over a trillion dollars, or about 6%, to our Gross Domestic Product. Here are the three most recognized businesses within the real estate industry: