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Real estate is the property that is made up of land, buildings and any other structure, plants or animals on it. Universally, real estate is classified into residential and commercial reals estate. The first category of real estate is the residential type; this can either be a single family or multifamily homes that are mainly used for occupation or other purposes other than selling. In addition, the residential houses can further be categorized by how closer or connected they are to adjacent residences and fields of land. The major categories of residential real estate include attached dwellings, semi-detached dwellings, detached dwellings as well as portable dwellings. In addition, the attached real estate consist of the following units multifamily houses, apartments, condominiums, terraced houses, and cooperative. However, the semi-detached dwellings consist of a duplex which are two units with one shared wall, while detached dwellings are made up of unit family detached houses, on the other hand, portables houses are made up of houseboat which is commonly referred to as floating homes, mobiles homes tents.
When you want to take part in real estate, there are certain vital factors that you need to consider, otherwise you are bound to make losses. The location of the estate is vital when choosing a plot to buy. Furthermore, one needs to consider the closeness of the estate to facilities and amenities such as hospitals, schools scenic views as well as neighboring status. Furthermore, the proximity to warehouses, markets, freeways, transport hubs and tax-empts areas play a significant role for real estate valuations. In addition, it is essential to put into consideration the valuation of the real estate, some of the methods that you can use to estimate the value of the property include income approach, cost approach, and sales comparison approach. When one does not know the reason for investing in real estate, they are bound to fail since lack of clarity may result to unexpected results including financial loss. People venture in real estate for different purposes, the main reason include, buying for self-use, buying for leasing purposes, buying and selling the property on a short-term or long term basis. In addition, one need to be careful on the amount of mortgage loan that they take from financial institution in financing the real estate, since the loans might lead to financial failure when not properly handled. The following are the additional factors that needs to be considered when one wants to buy a property, checking past projects and the reputation of the construction company for new construction investments, being aware of maintenance costs, outstanding dues, checking reviews of the property as well as the appraisal report of the construction, besides , it is vital to check the items in the building, these include equipment, furniture and fixtures. Since no one wants to live in an unsafe neighborhood, you need to look for a plot or house that is located in a safe place.