Real Estate Investment – The Basics
Real estate is real property consisting of the buildings and land on it, and its accompanying natural resources like water, minerals or plants; immovable personal property of this sort; or an interest in the same, buildings, houses or other property in general. It includes the whole lot with the house included, whether build there or not. Real estate also includes the real property found under the building itself, and everything within that lot. But real estate doesn’t always refer to personal property.
For example, if you own a building, you may own the real estate surrounding the building, even if you don’t live in the building yourself. These are called the ‘common elements’ of real estate. The common elements of real estate include the structure, interior features and environment of the properties. The ‘common elements’ of real estate include immovable personal property like buildings and houses, which may include structures like houses, apartments, condos, townhouses, row homes, mobile homes, warehouse complexes, multiple unit dwellings (mixed housing), office buildings, warehouses, office complexes, industrial production facilities, transportation facilities, retails centers, strip malls, parks, plazas and vacant land. If you have any kind of livestock or horses in your possession, then that is also part of the’real estate’ that you own.
As discussed above, real property includes immovable personal property and immovable buildings. The term ‘personal property’ refers to stuff that you, personally own and which you use as yours. Real estate includes immovable buildings like buildings used for business, like offices, shops, retail establishments and warehouses. It does not necessarily refer to buildings constructed for permanent occupation, although that too comes under the purview of Real Estate.