Real Estate 101

Real Estates

Definition and Demographics of Real Estate:

Real Estate, also known as realty, is defined as land plus anything permanently fixed to it, including buildings, sheds and other items attached to the structure. There are different classifications of real estate such as raw land, residential, commercial, and industrial. Types of real estate include but are not limited to houses, apartments, condos, town homes, retail store buildings, factories, and warehouses.

The Unites states has a total population of 301 million and 125 million homes. Of the 125 million, 109 million are occupied year round and 16 million are not. 75 million of the homes occupied year round are occupied by home owners and 34 million are occupied by renters. Half of all homes were built before 1973.

What Type of Home Should I Purchase?

The types and selection of homes are about as varied as the types of people who live in them. There is no right place for everyone. Really, choosing the right home comes down to personal preference. A few things to consider are:

  • What is your budget?
  • Where do you work and how close you want to live to your place of employment?
  • Do you want to live close or far from family?
  • What activities do you enjoy and is it important for you to live by those?
  • Are you single or married?
  • If single, do you want to live in a home, condo, or apartment?
  • If married, how many kids do you have and how many bedrooms do you need?
  • What total square footage would you like to be comfortable?
  • If you have kids, what schools do you want your kids to attend?
  • Do you want a new home, a fixer upper, a fully restored home, or an older home?
  • What style of home do you like? Contemporary,  Modern, Victorian, Cottage, Cape Cod, Farmhouse, Colonial, Dutch Colonial, Federal Colonial, Georgian Colonial, Pueblo Revival, French Provincial, Craftsman, Greek revival, Italianate, Mediterranean, Neoclassical, Art Deco, Ranch, Townhouse, Tudor, Spanish,  Log, Oriental, or Mid-Century Modern,?
  • Have you been to the neighborhood to chat with some people to make sure that the neighbors are people you could see yourself becoming friends with long term?

Sometimes as we look for a home, we are hoping to find the house that is 100% exactly what we want. The truth though is that it is very rarely the case that you will be able to have 100% of the things you want out of a home you purchase. The best advice is to look for a home that is as close to 100% of everything you want as possible, but that we should be happy with something that is at least about 80% of what we want. If we keep looking until we find perfection, we may end up looking forever and finding nothing. Plus, we should keep in mind that we can always add to a house or remodel so we can have those last few features we want but were lacking at purchase.

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