Real estate parlance includes the types of properties in the market. It is helpful to understand them to be able to determine the estimated value of a parcel of land. Property types are also used if one is to align the nature of his future investments with the restrictions imposed by a local government unit. These restrictions may include the local Comprehensive Land Use Plan (CLUP) or other zoning ordinances and regulations imposed upon property owners. For example, a zone dominated by institutional use may not allow a commercial establishment to set up shop therein. This is a consequence of the state exercising its police power to regulate the classification of a realty albeit owned by a private entity.
The following are the general classifications of properties:
Residential. Arguably one of the most common types of real estate, residential zones provide a space for habitation. This may include housing for the masses in the form of subdivisions. Condominiums and apartment buildings are also expected to be situated in this area. This segment of the local real estate is provided to support the housing needs of its residents -- including its workers, students, and the general population. Residential zones are typically located in the safest areas and provide easy access to the other property types.
Industrial. Examples of this type are factories, manufacturing structures, and economic zones. These are the centers of production and sourcing of processed resources. Work that caters to the market demand can be found in the industrial zones. Factories for spare parts, agro-business materials, and production lines are their usual occupants.
Commercial. Still another common real estate type are commercial areas. Shops, resorts, hotels, and all other business endeavors are conducted within this zone. This is a critical center in a locality since all members of the population deem commercial activities as both necessity and leisure. Malls provide a comprehensive array of products and services for purchase of residents. Resorts support local tourism and eventually become the brand of otherwise unknown places like Boracay and Palawan. In general, the commerce of man thrives in the heart of the commercial district.
Agricultural. Lands yielding primary resources like produce and grains are classified as agricultural. This type of land is commonly the oldest in the roster of properties of a locality. This is where farmers till and livestock are raised. The agricultural lands do not always support the local demand for food because it is possible that production is designed for export or distribution in markets outside the immediate region. Thus, Makati City can survive without a sizable area for agriculture since most of its agricultural needs are supplied by enterprises from other towns and cities.
Special Use. Lastly, the other types of properties are clumped in one group for special uses. These properties do not fall into the first four types yet they exist and remain an essential contributor to the functioning of a region. Examples of special use realty are cemeteries, churches, institutional centers like city halls, and others. They are commonly zoned sporadically, depending on the land use priorities of a town or city.
These classifications of real estate present a system of predictability in the planning of a region. It prevents noncompliance in the use of land, where a funeral parlor cannot be built inside a subdivision. Moreover, appraisal of properties becomes easier when the types are clear. A land or structure that is commercial may not have the same value as a residential property. Potential investments are also guided according to these classifications.
Through time, these classifications can change. A commercial zone may expand and an agricultural property may eventually become residential. These are products of an ever evolving real estate market congruent with national and local shifts in the economy.
#titullo
The following are the general classifications of properties:
Residential. Arguably one of the most common types of real estate, residential zones provide a space for habitation. This may include housing for the masses in the form of subdivisions. Condominiums and apartment buildings are also expected to be situated in this area. This segment of the local real estate is provided to support the housing needs of its residents -- including its workers, students, and the general population. Residential zones are typically located in the safest areas and provide easy access to the other property types.
Industrial. Examples of this type are factories, manufacturing structures, and economic zones. These are the centers of production and sourcing of processed resources. Work that caters to the market demand can be found in the industrial zones. Factories for spare parts, agro-business materials, and production lines are their usual occupants.
Commercial. Still another common real estate type are commercial areas. Shops, resorts, hotels, and all other business endeavors are conducted within this zone. This is a critical center in a locality since all members of the population deem commercial activities as both necessity and leisure. Malls provide a comprehensive array of products and services for purchase of residents. Resorts support local tourism and eventually become the brand of otherwise unknown places like Boracay and Palawan. In general, the commerce of man thrives in the heart of the commercial district.
Agricultural. Lands yielding primary resources like produce and grains are classified as agricultural. This type of land is commonly the oldest in the roster of properties of a locality. This is where farmers till and livestock are raised. The agricultural lands do not always support the local demand for food because it is possible that production is designed for export or distribution in markets outside the immediate region. Thus, Makati City can survive without a sizable area for agriculture since most of its agricultural needs are supplied by enterprises from other towns and cities.
Special Use. Lastly, the other types of properties are clumped in one group for special uses. These properties do not fall into the first four types yet they exist and remain an essential contributor to the functioning of a region. Examples of special use realty are cemeteries, churches, institutional centers like city halls, and others. They are commonly zoned sporadically, depending on the land use priorities of a town or city.
These classifications of real estate present a system of predictability in the planning of a region. It prevents noncompliance in the use of land, where a funeral parlor cannot be built inside a subdivision. Moreover, appraisal of properties becomes easier when the types are clear. A land or structure that is commercial may not have the same value as a residential property. Potential investments are also guided according to these classifications.
Through time, these classifications can change. A commercial zone may expand and an agricultural property may eventually become residential. These are products of an ever evolving real estate market congruent with national and local shifts in the economy.
#titullo