Keith Ellis - Challenges I ran intoTalking only about the term "real estate" makes its definition complicated since it encompasses infinity of aspects or parameters that can compose it, so we will divide it into 3 terms that are closely related, but focus on broader or closed aspects.
- Residential goods Residential property refers to houses, apartments, units, farms, and condos where they are only used for living.
Sometimes a residential house is rented and used as a commercial premises, this does not make them commercial property, they are still residential since their distribution and purpose from the beginning was that.
A residential good can be transformed into a commercial good, but only in the specific case where a remodeling is made drastic enough to transform the most important aspects of it, a commercial good could also become a residential one, but these are isolated cases. and they rarely occur.
- Commercial goods Commercial assets are those offices, apartments and warehouses that are used for commercial or business purposes. Both its location and internal distribution is focused and designed to be used as a commercial premises.
A commercial asset is usually located in strategic areas to ensure that it complies with its essence, although it does not affect its classification, it is an aspect worth mentioning.
- Industrial goods
Sometimes commercial and industrial goods are confused, since the two can be used as companies, the big difference is that industrial goods are usually very large, both in geographic size and in employees and structures, they are usually located on farms and factories .