Real estate is a part of your property that consists of land and the buildings on it. It also includes natural resources such as crops, minerals or water; immovable property of this nature; an item of real property like buildings or housing. Real estate involves property, land, buildings, air rights above the land and underground rights below the land. The term real estate itself means real, or physical, property. Real estate is different from personal property. Personal property is not permanently attached to the land, such as vehicles, boats, jewellery, furniture, tools and the rolling stock of an agricultural farm.

Examples of Real Estate

Several examples fall under the ambit of real estate. Each of these differs in definitions in terms of size and type of property.

• Single-family dwelling: A house designed for only one family
• Multi-family dwelling: A group of houses designed for more than one family like a housing society
• Attached: Any unit that’s connected to another unit and is not a separate dwelling
• Apartment: An individual unit in a multi-unit building. The boundary limits are set by doors and walls and differ in the number of rooms and floor space. For instance: multi-story apartment buildings. The size of an apartment or house can be described in square feet or meters. In some countries it counts only living space and excludes other non-living spaces while in other places like Europe it reflects the total area of the walls enclosing the home, thus including any attached garage and non-living spaces.
• Multi-family house: Multi-story detached buildings where, unlike flats where there is more than one unit on each floor, these houses have a separate apartment or unit on each floor.
• Terraced house: Several single or multi-unit buildings in a continuous row with shared walls and no intervening space. For example townhouses or row houses.
• Condominium (Condo): A building with individual units owned by individual people. Common grounds and common areas within the complex are owned and shared jointly. 
• Detached house: A free-standing building not connecting to anything else. For example a small bungalow.
• Portable house: Houses that can be moved on a flatbed truck
• Mobile home: A vehicle on wheels that has a permanent residence attached to it
• Hut: A dwelling typically made of raw materials such as bamboo, mud, and clay. For example kaccha houses in Indian chawls and village areas. They are also found in urban poor areas.
• Cooperative: A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
• A studio apartment has a single bedroom with no living room with a tiny separate kitchen. 
• A one-bedroom apartment has a living or dining room separate from the bedroom. Two bedrooms, three-bedroom, and larger units are common. 
• Other categories include Chawls, Villas, Havelis whose size is usually measured in Gaz (square yards), Quila, Marla, Beegha, and acre. 

Characteristics of Real Estate

Immobility: The geographic location of any piece of land can never be changed. It remains the same forever. You can alter the topography, you can move the things on the land sometimes like turning farms into houses or houses into farms but the location remains the same. You cannot transport land.  

Indestructibility. The land is durable and indestructible. It can lose its quality due to soil erosion or water pollution or even during floods and landslide but the piece of land remains intact even after the storm passes. 

Location or area preference. Location is the most important economic characteristic of the land. People have choices and tastes when it comes to a given area which is called location. They base their location preferences on factors like reputation, proximity to work, convenience, etc. 

Scarcity: The total supply of land is fixed and cannot be changed. It is a resource that cannot be created by technology or produced artificially. We have a limited supply of land.

Improvements: Private nature improvements like homes and fences are referred to as improvements on the land while on the other hand improvements like sidewalks and sewer systems which fall under public nature are called improvements to the land. Both of these add value to the property.

The permanence of investment: Improvements like drainage, electricity, water, and sewer systems can’t be removed or replaced economically and thus remain constant.