There are two main types of real estate: residential and commercial. Residential real estate includes single-family homes, townhouses, and condominiums. Multifamily rental properties are also a common type of residential real estate. High-value homes, such as triple-deckers and quadplexes, are also considered residential real estate. Commercial real estate involves land and buildings that are used for businesses or industrial purposes.

When you are looking for property to buy, you must first understand what real estate is. The term “real estate” is derived from the fact that real estate refers to land that has been improved in some way. This improvement could be a building, roadway, or septic system. You may also encounter a piece of land that is still unimproved.

Real estate is a complex business. It includes numerous branches, including land development, property management, construction, and sales. Some professionals work directly in the industry, such as accountants, lawyers, interior designers, stagers, general contractors, and tradespeople. Understanding the business and how it works is vital to your success.

As a whole, the real estate industry affects the overall economy. Its activities provide a steady source of income for millions of everyday New Yorkers. It creates the tax revenue necessary to fund basic government services such as public schools, parks, and social services. The real estate and construction industries also create a lot of family-sustaining jobs in the city.