The craze these days and among most people, even those who are unemployed, is to own a piece of land to build a house or houses, either as an investment or as a retirement home in their sunset years. There are many mortgage programs offered by different banks that allow individuals to get their dream homes and in their preferred neighborhoods. So many gated communities have sprung up everywhere, and every day there are ads for land and home ownership in local papers, on the Internet, and on television. There are even websites completely dedicated to this type of business where you can log in and choose what suits you best. This is what is known as the real estate business and people are making a killing out of it.
It is a developed market recognized all over the world and many players are involved in it. Is part of them:
· Owner/User:
These are people who will buy land and commercial real estate for both business and private purposes. They may decide to rent half of the building and live in the other half.
· Owner:
This is a person who puts their money entirely into real estate for the purpose of investment. He is a purely business-minded person who wants to see a return on the money he has invested at the end of the day. This person will search far and wide for prime properties to purchase and then invest in. sell or rent. The owner can be an individual, a group of individuals or a company.
Tenant:
The lessor, on the other hand, is the customer of the owner. They are the ones who occupy what the owner has invested in. They are simply consumers.
· Developers:
They are people hired mostly by the owner to turn the purchased land into a habitable one. They end up building houses on the land or leaving it in improved condition for the market. Developers are mostly in the form of companies, i.e. development companies.
· Facilitators:
They are the people who enable the sale and purchase of already built premises. These include banks who will provide mortgages, lawyers who witness the signing of contracts either between banks and owners or owners and tenants, and real estate agents who receive a commission for helping to locate the property.
This is just a hint of what real estate is all about
