Real property is land and anything attached to it, whether natural or man-made. It differs from personal property such as botany at dairy farm vehicles, boats, jewelry, farm equipment and other non-permanently attached objects.
Real property rights include the ownership of all of the land, improvements to it and any resources found on it (such as minerals). There are several types of real estate: residential, commercial and industrial.
Land
When it comes to land, there are a few things that can be said about what real means in real estate. These include scarcity, improvements, location, investment permanence, uniqueness, immobility and indestructibility.
Whether the land is used for commercial, industrial or special purpose, real estate is something that is worth investing in because of its future potential. Investors keep a close eye on housing starts, for example, because it can give them an idea of where the economy is going and what kind of houses are being built.
The value of land is determined by the physical characteristics of the land itself, as well as by its location, and these two aspects are largely related. For example, different areas of the country have different soil types and climates. These differences can have a direct impact on how land is used and the value of that property.
Buildings
Real estate comprises a variety of properties, from land and buildings to houseboats and mobile homes. The most common type of property is residential, which includes everything from single-family houses to condos and co-ops.
Commercial real estate encompasses offices, shopping centers, medical and education facilities, hotels, and other buildings designed to carry out business activities. Industrial real estate, on the other hand, includes factories, storage and distribution facilities, and other types of production and manufacturing spaces.
When it comes to commercial properties, the most notable item is usually a building. While some buildings are lauded for their size, style, and price, others are more modest in scope. In addition to the usual suspects, there are some unusual buildings in our midst, and we’ll talk about a few of them shortly. The best part is that they aren’t all that hard to find. The trick is finding the right one for you and your business. Good luck!
Air Rights
When you purchase real estate, you actually own much more than just the property line and condition of improvements. You also own air rights – the right to build vertically on empty space above your land or building.
Air rights can be sold or leased for profit. These rights are especially important in areas where space for buildings is limited.
They are often coveted by developers, companies, councils and individuals. They help to avoid over-development by giving them a chance to construct larger buildings, without having to use all of the available ground space.
Getting hold of these air rights is tricky, but if you have the right people, it can be a lucrative opportunity. They can be purchased by a developer to expand a project, protect views or increase sellout value.
Underground Rights
Real property is property that is held in the name of an owner. It can include things like royalties on a book deal, an art work, a vase given to you by your grandmother, or even a piece of land on which you built a home.
When it comes to underground rights, however, real estate means more than just the physical surface of a property. It also includes rights to anything that is below the ground, including mineral and oil rights.
If you own a piece of land in the US, there’s a good chance that it has subsurface resources beneath it. This can include natural gas, oil and other valuable minerals.
Conclusion
As an owner, you can either lease or sell these resources. In some cases, you can even share in the cost of developing them. It’s a great way to earn revenue and get paid for the exploration and drilling work. But it’s important to make sure you can find a buyer for these resources before selling them.
