What Is Real Estate?
Real Estate Is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. In terms of law, real is in relation to land property and is different from personal property while estate means the “interest” a person has in that land property.
Real estate encompasses the land, plus any permanent man-made additions, such as houses and other buildings. Any additions or changes to the land that affects the property’s value are called an improvement.
Once land is improved, the total capital and labor used to build the improvement represent a sizable fixed investment. Though a building can be razed, improvements like drainage, electricity, water and sewer systems tend to be permanent.
Real property includes the land and additions to the land plus the rights inherent to its ownership and usage.
How Does Real Estate Work?
The real estate market uses properties as an investment medium to profit through their purchase, sales, renovation, lease, construction, etc. There are many ways a person can invest in a piece of land and the attachments included in it. Real estate works by improving the property’s value so that it can bring higher returns through various techniques.
Key Notes Of Real Estate:
- Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made.
- There are five main categories of real estate which include residential, commercial, industrial, raw land, and special use.
- Investing in real estate includes purchasing a home, rental property, or land.
- Indirect investment in real estate can be made via REITs or through pooled real estate investment.
What Are Types Of Real Estate?
Residential real estate: Any property used for residential purposes. Examples include single-family homes, condos, cooperatives, duplexes, townhouses, and multifamily residences.
Commercial real estate: Any property used exclusively for business purposes, such as apartment complexes, gas stations, grocery stores, hospitals, hotels, offices, parking facilities, restaurants, shopping centers, stores, and theaters.
Industrial real estate: Any property used for manufacturing, production, distribution, storage, and research and development.
Land: Includes undeveloped property, vacant land, and agricultural lands such as farms, orchards, ranches, and timberland.
Special purpose: Property used by the public, such as cemeteries, government buildings, libraries, parks, places of worship, and schools.
Real Estate Prices In Ghana:
The price of Real Estate in Ghana starts from an amount of GH₵ 1,179,279.65 to GH₵ 25,882,084.95 to own an Estate across nationwide…!!!!