Buying property isn’t just a matter of finding the right size or location for it. Before you invest serious money in any real estate transaction, you should have a clear idea first of what the product is – as with any other purchase you’ll make on the market. Buying real property is a lot different than other types of products up for sale, however, because of its value and functionality.
If you’re on the lookout for land for sale for the first time, and it’s your first time checking it out, the first thing you have to do is get to know the different kinds available out there. Here are some property types you can expect to find available for purchase.
Commercial: As its name suggests, commercial properties are meant to be used for commerce. This is the type of property you need to find if you’re looking to grow and expand a business. It could also be that your main business is leasing out the property to other business tenants for them to use for the operations of their own business.
The size of the property will determine how many tenants you can afford to have in your property. It’s also very possible that you lease out the entire block of land to the company.
Industrial: Like commercial property, this kind of lot is more for business purposes, but more specifically, for industrial operations. Warehouses and factories would fit the profile of an industrial property, which means that having a wide enough space is required in order to accommodate all the equipment and other facilities needed.
Residential: A residential property, as the name indicates, is best used for residences. Australian policies expressly stipulate that properties identified as being residential in nature should be kept and maintained as such. This means that you can only put up structures with its primary function being a place of dwelling.
Regardless if you’re on the farm, in the suburbs, or even in the middle of the city, you’ll have to abide by the rules of keeping a residential property exactly for this purpose alone.
Once you’ve determined which kind of property you need for your purpose, then it should be easier for you to pinpoint the location that’s most ideal for it. This is why it’s highly recommended that you work closely with real estate professionals, such as Lion Land Marketing. Their local knowledge can help lead you to the perfect option, thus allowing you to make the most out of your investment.
Top 3 Major Types of Real Estate Property. TheBalanceSMB.com.
Australia – Property Options and Types. ExpatFocus.com.