WHAT YOU NEED TO KNOW ABOUT REAL ESTATE
In this article; on what you need to know about real estate, the following topics shall be discussed
– WHAT IS REAL ESTATE?
– 5 TYPES OF REAL ESTATE
– 7 DIMENSIONS OF REAL ESTATE
– WORLD OF WISDOM ON REAL ESTATE
– FACTS ABOUT REAL ESTATE
– REASONS YOU SHOULD INVEST ON REAL ESTATES
WHAT IS REAL ESTATE?
One of the easiest ways to understand a concept is through definitions.
That’s why we created these post for those who desire to know what real estate is really all about.
Here are 5 definitions of these wealth creation strategy called real estate that might surprise you.
1) Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water.
2) Real estate is the land along with any permanent improvements attached to the land, whether natural or man-made—including water, trees, minerals, buildings, homes, fences, and bridges.
3) Real estate is a form of real property that differs from personal property, which are things not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and farm equipment.
4) Real estate is property in the form of land and buildings, rather than personal possessions.
5) Real estate can be defined as the property, land, buildings, air rights above the land, and underground rights below the land. The term refers to real, or physical, property.
6) Real estate or real property — is immovable property such as land and buildings.
7) Real estate can be defined as the business of buying, selling or investing in homes, land or other real property.
Real estate is a driving force of the economy and generates most household wealth.
5 TYPES OF REAL ESTATE YOU MIGHT NOT KNOW
Let’s talk about the 5 types of real estate you might not know.
As professionals in real estate, the several types of real estate, each with a unique purpose and utility are:
1) LAND
Land is the baseline for all types of real property. Land typically refers to undeveloped property and vacant land.
Land Includes undeveloped property, vacant land, and agricultural land (farms, orchards, ranches, and timberland).
2) COMMERCIAL PROPERTY
Commercial property refers to land and buildings that are used by businesses to carry out their operations.
Examples include shopping malls, individual stores, office buildings, parking lots, medical centers, and hotels, gas stations, grocery stores, hospitals,offices, parking facilities, restaurants, shopping centers, and theaters.
3) INDUSTRIAL REAL ESTATE
Industrial real estate refers to land and buildings that are used by industrial businesses.
Examples of such activities are factories, mechanical productions, research and development, construction, transportation, logistics, and warehousing.
4) SPECIAL PURPOSE REAL ESTATE
Special purpose real estate refers to property used by the public, such as cemeteries, government buildings, libraries, parks, places of worship, and schools.
5) RESIDENTIAL REAL ESTATE
Residential real estate refers to any property used for residential purposes.
This is the most common type of real estate and asset class most people are familiar with.
Examples include: single-family homes, condos, cooperatives, duplexes, townhouses, and multifamily residences with fewer than five individual units.
7 DIMENSIONS OF REAL ESTATE
Let’s talk about the 7 dimensions of real estate many people don’t know.
According to Olumide Emmanuel the author of How to become a millionaire, here are the 7 dimensions he gave:
1) Land Purchases: You can buy land in undeveloped areas, wait for a few years and sell when development comes and value has increased.
2) Buy Land And Build : You can buy land, build a house or houses and sell the houses or rent them out.
3) Buy House : You can buy a hiuse, keep for a while and resell or you can buy a house and rent them out.
4) Off Plan Purchase : You can buy a house, shop, or property while it is still yet to be built, and sell it at once it is completed.
5) Resurrection Plan : You can buy dilapidated or abandoned properties, develop and bring them to life, and then sell them for cool cash or rent it out.
6) Forclosure / Auction:
You can buy houses that are being auctioned at far below the market value and sell later or turn to rental property.
7) Estate Development: You can buy large acreage or hectares of land, and develop it into an estate, by selling plots to allottees who join in the development.
WORDS OF WISDOM YOU SHOULD NOW ABOUT REAL ESTATE
1) Real estate is the best investment for small savings. More money is made from the rise in real estate values than from all other causes combined.
2) Real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised.
It is the basis of all security and about the only indestructible security.
3) No investment on earth is so safe, so sure, so certain to enrich its owner as undeveloped realty.
I always advise my friends to place their savings in realty near some growing city. There is no such savings bank anywhere.
4) Current real estate prices aren’t high because they have been driven up by irresponsible speculation. As was often the case in the past.
Prices have risen because a constantly increasing population with money to invest has been created – and continues to be created.
SOME FACTS ABOUT REAL ESTATE
Do know one of the most powerful vehicles of wealth creation and wealth preservation is real estate?
Every truly wealthy person has investments in real estate. This is why these post was created so you don’t miss out on the vital facts about these powerful vehicle of wealth creation.
These vital facts are:
1) Land may not increase in size but it continues to increase in value.
2) The outskirts of a city are cheaper now but expensive later.
3) Population and the developments happening around your real estate matters.
3) Position and location is of utmost importance in real estate investment.
4) The future is cheap if you buy it today, you may not have money to buy expensive land in a prime location, but you can position yourself at the future of development.
5 REASONS YOU SHOULD INVEST IN REAL ESTATE
One of the hot topics in Nigeria these days is about investments.
According to author, speaker and leadership consultant Dr. Myles Munroe here are 5 reasons we learnt from him on why you should invest in real estates.
1) The only generational heritage is real eatate
This is why the first thing God gave Adam was real estate (the garden).
A car is not generational, neither is clothing cause it keeps wearing out day by day. But real estate is generational.
2) You are not wealthy until you own a land
Owning land is one of the most reliable systems of transgenerational wealth creation.
This is why what God promised the patriarchs Abraham, Isaac, Jacob and Moses was land.
3) The first thong God told Adam to dominate was land.
To truly have dominion on earth, you must own real estate.
There is no man who truly had dominion on earth who didn’t own lands and properties.
4) Real estate is real wealth.
In fact, the reason why it’s called real estate is because it’s the only estate that is real.
One of the truly real ways of wealth creation is owning lands.
5) Owning land makes you a good man.
A good man leaveth an inheritance for his children’s children says King Solomon the wisest man that ever lived.
One of the wisest approach to life is investing in real estate cause it makes you die a good man.
SEE ALSO : Why Buying Land is a Good Investment in 2022
Real estate never dies and it can be passed down to generations after you.