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Understanding General Real Estate



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By : Karim El Sheikh    99 or more times read
Investing into general real estate is the wise choice to make nowadays. With its rising demand globally, real estate has become more of a basic need when it comes to housing plans. Land is a fixed commodity and as such it cannot be expanded or grown. This forces entire populations to be housed or accommodated on what available land there is through out the world. However, not all available land is useful or meant for human habitation. This brings in the competition of getting ones hands on a piece of land, either to own it or rent it, and this is where the concept of “real estate” comes in. Selecting a real estate means that certain rules have to be followed, and in doing so, one has to be extremely careful.


A brief History of Real Estate

Real estate is tightly knit to man’s quest of searching for permanent accommodation and looking for ways of settlement. General real estate has been in existence since the prehistoric times, when tribal systems were the basic way of life. It started taking better shape from the feudal systems, when taxes and tenancy started becoming predominant. During those days, merchants and peasants rented, sold or bought properties under the royal class regime. When aristocracy came to an end in different parts of the world, the taxation and renting system was handed over to the politicians.

Mortgages also existed right from the start; however, its origins cannot be traced back to a particular country in history. Mortgages were initially only available to the noble class, but the industrial revolution helped even out the system over time. After this, mortgage loans were being granted to common people as well, who were then able to build and own homes easily. Since then, the real estate industry has undergone massive changes and still faces ups and downs till this day. This always keeps a risk factor attached to general real estate continuously, which is all the more reason why it is such a significant yet sensitive subject overall.


Buying & Renting Real Estates

Buying and renting real estates have different protocols to them, but some approaches or features still remain similar. Firstly, the concerned individuals should need to decide for what purpose they require a real estate, i.e. whether it is meant for living or investment purposes?

Secondly, the location has to be decided. For living purposes, the location of the real estate should be finalized based on the criteria of accessibility to key places like hospitals, schools, markets etc. It should be ensured that the real estate selected is situated in a good and healthy environment.

Thirdly, the next thing to consider after deciding the location is your budget. You will only be fully satisfied with your choice in property if it falls within your budget. Though sometimes buyers face the problem of having their options narrowed down due to a limited budget, it is not entirely impossible to find a property that falls within that limit. Following the budget, the next thing to look at carefully are the contract documents, which must be scrutinized in-depth.

Find out whether the land is a leasehold property or a freehold property, and whether or not the seller is legally entitled to the property. You should make sure that the seller has all the necessary legal permits from concerned authorities. Once all this is done, the last thing will be to settle on the price. This must be researched thoroughly before finalizing the deal.
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