Real estate is where property that has buildings or just land as well as the natural resources like water, minerals, or crops as well as the immovable property of the nature resources. Real estate is also the profession of purchasing, selling, or renting housing, land, or buildings. It is considered a legal term that is used in certain jurisdictions where the legal system is based from English Common Law like the United Kingdom, United States, Canada, New Zealand, Australia, India and Pakistan.
Residential real estate may be a multi-family or single family home that is available for non-business purposes or occupation.
The residence may be classified if they are connected to a neighboring residence and land. There are different types of housing that may be used for a physical type. For instance, connected residents may be owned by one person and then perhaps rented out or it can be owned separately and the parties have an agreement that will cover the relationship between the common areas, concerns and units.
There are several categories for real estate.
Attached or Multi units are called flats or apartments where there is an single unit that is within a multi unit type of building. The boundaries for this apartment are normally defined by the perimeter or lockable or locked doors. Often these are seen in multi story apartments buildings.
The multi family home is normally a multiple story detached building where a single floor with be a separated unit or apartment.
A townhouse is a single or multi unit building that is in a continuous row that has shared walls, but no shared spaces.
A condo is a complex or building that is similar to apartments but it is owned by an individual. There are often common areas or common grounds within this complex that are owned and shared jointly. In Some places a townhouse is similar to a condo as well.
A co-op is a type of multiple ownership property where the residents of the housing complex will actually own shares within the company that has the deed to the property which gives the person a right to occupy a specific unit or apartment.
There are also mobile homes or what is known as residential caravans that serve as a full time residence that may or may not be movable on wheels. There are also floating homes such as houseboats.
The size of an apartment or even a house may be described within square feet. In the United States this does include the living space, but it may exclude the garage or other living spaces.
This can also be described more roughly as how many rooms are on the property. Studio apartments may have one bedroom with no separated kitchen or living area while a one-bedroom apartment will have a living room or dining room that is separated from the bedroom. The most common type of units is the two bedroom, three bedroom or even larger units. A bedroom is consisted to be a separate room that is intended for sleeping and normally contains a bed and in new houses it will contain a built in closet for storage for clothing.