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Use of residential property for business purposes


Residential property for business purposes

Are you tired of the commute and expenses going to and from your place of work? Maybe you want to control your schedule and prefer conducting business in pajamas because you do your best work at night? Have you been neglecting your spouse and kids working for a boss who is constantly looking over your shoulder? Perhaps you just feel stuck in your job doing the same things over and over again? Whatever your case may be, running a business from home is not that uncommon anymore as people start choosing to do what they love, and turn their passion into income.

Of course, just because you want to start saving on the cost of renting or purchasing a commercial space does not mean you should start refurbishing your house into a shop or a factory. Business relationships in real estate are so important to grow your business.  Not every residence can be incubators for homegrown enterprises. You may have to check first if there is nothing registered on the title of the property that prohibits or restricts business use. If you are living in a mortgaged property, chances are the mortgage agreement will not allow you to conduct business at home. You also need to know the zoning laws to be certain if your home-based business complies with residential zoning restrictions.

You probably won’t be allowed to use chemicals to dye and treat hair as a home-based hairdresser, or to work with animals in a pet sitting business. It is obvious that you cannot create a racket that will annoy your neighbor like operating a commercial-size equipment or coaching a band. In all likelihood, you will also be restricted on the number and size of business signages you can install and the amount of parking space you will use. If you are causing wear and tear in the neighborhood with the volume of traffic your business attracts or the delivery of huge shipping crates, you may have to relocate your business somewhere else.

The suitable homegrown business undertakings are those that still make your house a home and not business premises. With a good Internet connection, you can do graphic designing or bookkeeping at home. At-home tax preparation is an acceptable business if you have a tax background, and also massage therapy if you are willing to take training courses. Copywriters and virtual assistants are also work-at-home staples, and so are translation and medical transcription. Then there is blogging, video production and web design for homes with speedy Internet. Academic jobs like tutoring and physical gigs like yoga can also be reasonably done at home.  Also you can decorate your home for sale with plants, also called home staging.

But the best use of a residential property for a business purpose is through rental. A real estate agency can help you narrow down and complete the purchase of a rental property, but you can also help yourself by looking at a couple of things. You need to check the quality of the neighborhood to know your potential tenants like college students if it is near a university. You also want a place free of criminal activities or near a decent school if you are targeting families. Check for nearby or projected parks, malls, and public transport hubs that can attract renters.

The best investment property for residential rental is a single-family dwelling or a condominium. The former tends to draw families and couples who rent long term while the latter has low maintenance costs as the condo association takes care of external repairs. Look for a realty firm like Karkanja Malta that can meet your real estate investment needs, and start earning money from your property in no time without practically doing that much.

Now you have a great give for commercial real estate. If you would like more information about the topic, contact us.