LAND LESSONS- What is meant by the characteristics of land?
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Land, unlike real estate or real property, has certain unique and specific characteristics that it alone holds. They are typically discussed in the context of physical and non-economic characteristics of land.
Physical Characteristics
Indestructibility: Land cannot be destroyed or worn out. Its appearance may be altered but it always continues to exist.
Immobility: Geographical location of the property remains the same & can never be changed.
Uniqueness or Non-Homogeneity: No parcels of land are exactly alike.
Economic Characteristics
Scarcity: The total supply is fixed. Land is not limitless.
Improvements: Improvements to a piece of land can have either a positive or negative impact on its value.
Permanence of Investment: Investments in real estate are long-term. Since real estate transactions are complex and lots of money is involved, transactions are not made very frequently.
Location or Area Preference: Things such as history, convenience, and reputation of an area may influence location preferences.