Type of Account for adding real estate?

Question

a general question for the community:

What type of account to use for adding real estate such as timber or farmland?  There is no loan or mortgage, just want to track for Net Worth etc.  Quicken offers 2 options that I think would fit -- 
under "Other Assets & Liabilities", it has "Property" and also "Assets".

I have used the Property for houses / homes as it has option for a Mortgage and seems to focus on address etc.  But there is also the Assets account.

Any experience or feedback that the Community may have on pros & cons of each type?

Thanks!

Boatnmaniac · Answer

I probably would set up those 2 as Property accounts.  Banks, realtors and the property tax office would consider them to be real estate property so I'd go along with that.

I would use Assets for things that are not real estate Property, Cash or Vehicle (which for me would include things like boats, motocycles, planes, ATVs, motorhomes, etc.).  In my mind I would use the Assets account forlike jewelry, paintings, coin and stamp collections, etc.

Chris_QPW · Answer

From what I can see, and Asset account is just like a house account, but without the ability to do a Zillow estimate on the address.  Both of them can actually have a loan on them.