The craze nowadays and among most people, even those who are unemployed, is owning a piece of land where they will put up a house or houses whether as an investment or a retirement home in their sunset years. There are many mortgage schemes being offered by various banks to enable individuals to acquire their dream houses and in their preferred neighbourhoods. So many gated communities have sprouted all over and advertisements are carried out on local dailies, the internet as well as television every single day about owning of land and houses. There are even websites entirely dedicated to this type of business where you can log in to choose what best your taste. This is what known as real estate business and people are making a killing out of it.
It is a developed market acknowledged worldwide and it has many players involved. They include the:
· Owner/user:
These are people who will buy land and commercial property for both business and private use. They may decide to rent half the premise and live on the other half.
· Owner:
This is a person who puts his/her money entirely on a property for investment purposes. This is a purely business minded person who at the end of the day wants to see a return in the money he/she has put in. This person will look far and wide to get prime properties which s/he might buy, invest in then sell or rent out. An owner might be an individual, group of individuals or a company.
· Renter:
A renter on the other hand is a customer to the owner. They are the ones who occupy what the owner has invested in. In short, they are the consumers.
· Developers:
These are people hired mostly by the owner to turn the land that was purchased into something habitable. They end up constructing houses on the land or leaving it in an improved state for the market. Developers are mostly in form of companies i.e. property development companies.
· Facilitators:
These are people who enable the sale and purchase of the already built premises. They include banks which will give out mortgages, lawyers who witness the signing of agreements either between banks and owners or owners and renters and real estate brokers who are paid a commission to help in locating a premise.
This is just but a tip of what real estate is all about.
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Article Source: http://EzineArticles.com/8268281
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