We’ve always wanted to own or rent a home, but the environment has always been our first concern. Have you ever considered if you could live in a commercial building? Most people have always wondered this, but there wasn’t enough information. This article will inform you whether you are allowed to live in a commercial property in New South Wales, Australia.
Terms to know
Let’s get acquainted with all of the words before we begin. This will make it easier for you to understand.
Commercial property: Commercial property, commonly known as “commercial real estate,” are properties that may be utilized to generate profit and are operated solely for business or for any other beneficial purpose. Commercial property includes office buildings, medical facilities, hotels, malls, and retail outlets.
Residential property: Residential properties are often purchased and rented out to tenants under lease or any other rental agreements. Residential property is only designed to house individuals or families and can range from single-family houses to big apartment buildings.
Closing Costs: Apart from the price of the house, there are costs that must be paid prior so that the deal can be completed. Consider the following example: Taxes.
Tenants: The people who live in a residence and pay bills to the landlord.
Lease: This is a contract that states all the terms and conditions when the landlord agrees to rent the property to the tenant.
Option to buy: There is an “option to purchase” clause in the contract if the tenant wants to buy the property at the end of tenancy period. This can be exercised by tenants at the end of the lease.
Types of commercial property
There are several types of commercial property available and they’re all under different categories. This will help you explain which commercial property is right for you.
Buildings that accommodate offices: Small apartments for one person, tiny corporate office blocks, urban skyscrapers, and other similar things would fall under this category.
Fine dining and commercial shops: Single-renter retail houses, small community shopping complexes, bigger facilities with supermarkets are all included in this category.
Multifamily Housing: Apartment buildings or elevated apartment buildings fall under this group. Commercial property is defined as anything greater than a quadplex.
Land: Property investment on underdeveloped, countryside property along the route of future expansion falls into this category.
Factory: Storage facilities, big Research and innovation facilities, refrigerated storage, and delivery services all fall under this category.
Assorted: Various nonresidential properties such as hotels, hospitality, healthcare and many more, would belong to this category.
Can you live in a commercial property in NSW Australia?
The answer to that question is a YES you can in fact live in a commercial property in New South Wales, Australia. You can live in a commercial property in one of two ways: you can buy it and then live in it, or you can rent it. If you decide to purchase the property, you must first apply for a permit and contact the local planning department to confirm that all necessary licenses are in place.
If you want to rent a commercial property, you’ll need to look for landlords who are renting out space for living. In any situation, you or your landlord will require a certificate of occupancy. The purpose of a Certificate of Occupancy is to demonstrate that you have legal right to reside in the commercial property. You can also consult a real estate attorney about your agreement paperwork, terms, and conditions to confirm that living there is legal.
What to look out for before investing in commercial property
You finally know the answer that you can live in a commercial property. To make it easier for you, these steps will explain what you should be looking out for before buying or renting a commercial property.
Investing technique: Before signing the agreement papers, it is best to consider whether to invest in the commercial property for a short or long period of time. Although there is no fixed tenancy period, one should always anticipate the possibility of changes. This will aid in the selection of the appropriate investing.
Area: The economy of commercial properties varies by area. If you choose a commercial property near your workplace or any other area, research its past record prior to choosing it.
Knowledge and experience: While purchasing a commercial property, it is essential to have knowledge about properties or getting help from someone who is an expert in this field.
Objective: With your knowledge and expertise, you’ll be able to make a proper decision on whether to rent or buy a commercial property. Both options have their advantages and disadvantages. You can get advice from a real estate attorney or any other expert to determine the best course of action for you. After you’ve found the right property, contact a commercial properties attorney to go through some key agreements and terms. If you’re searching for someone to manage your estate’s rental, there are hundreds of organizations that specialize in handling commercial properties; all you simply have to do is do a little web search and pick the one that’s right for you.
Servicing and maintenance
In commercial properties, the renter may have to pay for additional expenses. In most circumstances, the landlord is mostly responsible for the upkeep of the physical property. And it’s up to you to take care of everything else. In most commercial agreement papers, the expenses are written down in detail.
It’s difficult to know whether to buy or rent a commercial property. But now you know that you can live in a commercial property in NSW Australia. If you want to start looking for commercial properties, you can either start off from the internet or visit a real estate office. Before visiting real estate offices or meeting with landlords, it is best to have a checklist for your requirements in the commercial property to make living there easier for you. Once you’ve chosen a commercial property to reside in, double check all the legal paperwork’s with an attorney to ensure there won’t be any future hurdles.