Properties play an essential role in terms of investment. A type of property will likely yield better returns than the initial investment. However, one must know the different types of properties to earn profits after investing and purchasing properties. If you face legal issues with your property, you can also seek legal help from a property attorney in Olympia, WA.
Apart from the investment aspect, some people will also like to know how different properties can affect their condition and the overall market. It can also be essential when you want to plan your estate and have multiple properties.
Different types of properties that one should know:
The first and most familiar kind of property is residential property. Residential property is mainly used for housing purposes. Such type of property is oriented for single-family or multi-family housing in urban, suburban, or rural areas. Any land, plot, area of land, or building used or intended for housing for ownership or tenant accommodation is termed as residential property. Simply put, any piece of land intended to be used for housing is known as residential property. Examples of residential property are apartments, flats, duplexes, etc.
- Commercial property
Commercial property is the opposite of residential property. For instance, commercial land is mainly oriented toward business. Commercial property will allow one to run a business on the ground like a hotel, godown, startup, etc. In some cases, residential property can also be used for commercial use. However, using residential land for commercial use requires you to obtain permission from the governing authorities. Once marked as a commercial property, the taxation of the property will be taxed as commercial for all purposes.
You might have come across buildings with both residential and commercial property in the same building or premise. The mixed-use property allows one to use commercial and residential types in the same building. For instance, some complexes permit the ground floor of the building to be commercial while the floors above it will be used as residential. If you face any issue when dealing with mixed-use property, you must contact a property attorney in Olympia, WA.
Industrial property is primarily associated with production and manufacturing. Such type of land is used to produce or manufacture man-made goods from different raw materials. Examples of industrial properties are warehouses, factories, power plants, etc.
Agricultural land is mainly associated with agriculture-related rearing of livestock and the production of crops. Such property can be rendered as any land designated for agricultural use. Examples include running a farm, raising animals, etc.