Real estate, the most frequent word heard when it comes to the investment in terms of property and savings. Both print media and electronic media generally flood with the Real Estate information, gym and advertisements every now and then. This is the first word comes in the minds from middle class to high class people when they vision their future.
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What exactly it is?
Coming to the meaning of Real Estate, it is the property which consists of land and buildings. It also includes the natural resources like crops, minerals or even water. So, generally any of such property immovable of this nature is called Real Estate.
Why to think of Real Estate?
We know the basic three primary needs of any human being. These are food, clothes and shelter. Food and clothes are generally what we think about daily basis and shelter is the one which pains us once in a month when paying thousands of rupees towards rent. If you calculate the total money spent for food and clothes is generally equal to the rent we are paying. If we own the house, it eventually reduces the monthly budget to half of the current budget. What do you say?
How it became a potential business?
Real Estate has boomed in the recent years, though it was a practice in the past too. The private ownership of the property has led the Real Estate business. Eventually, every individual after becoming a bread winner, thinks of the own house. Once an individual owns a house, further thinks of real estate to invest his or her savings in an organized manner.
Real Estate and related businesses
Real estate has evolved into various fields. With the development of Real Estate there are many other associated businesses have become prominent and developed.
Appraisal – This is the business associated with Real Estate. Generally the buyer does not simply proceed with the price quoted by the seller. They go for valuation of the property which depends on many of the factors. The factors are like, rural or urban area, population, development, amenities, future value of the land and many of the factors related to the same.
Brokerages – the buyer has the intention to buy the property and the seller is ready to sell the property of own. The question here is how the buyer identifies the seller and how seller identifies the buyer in the crores of population in the country or at least lakhs of population in the area one wants to buy. There comes the picture of brokerages. The brokerages mediate the buyer and seller so that the property is finally closed satisfying both the selling and buying parties. For rendering such services, they charge the fee. This fee is generally decided with the percentage of the whole property. This percentage is generally paid by the buyer as well as the seller.
Development – with the dynamic changes of the world, the life style and working locations of the people also change drastically. To maintain such hi-fi and western influenced life styles, working conditions, the houses people live in, and commercial offices should also be in the same standards. Eventually this opened the doors of the development of the new buildings which may be residential complexes or gated community to live or commercial complexes for potential business hubs. The development also makes the renovation by collapsing the old buildings and replacing unmatched structures there.