You must have heard that commercial properties are appropriate for retail spaces and can you live in a commercial property, stores, shops, and offices but have you ever thought of can you live in a commercial property? You can live on a commercial property based on factors like location and zoning laws. Despite harboring the dream of living above your shop, you may still run into various problems. Is it safe and legal to hire commercial property? Are there chances of you running into several issues when you live on the commercial property?
If you are considering commercial space for lease in Kelowna, it’s worth exploring the basics of living in a commercial space if it means saving money. Here are the factors you need to consider before switching your living place.
1. Zoning issues ( can you live in a commercial property )
When you are searching for can you live in a commercial property, consider the zoning laws that determine how certain parts of the land are devoted for specific purposes. These laws are enforced by the local and city municipalities. With zoning laws, the authorities implement proper planning of towns and cities and protect the real estate. However, such laws often create issues when industrial setups come close to schools and homes, resulting in a rise in air pollution and devaluation of properties.
2. Buying and living on a commercial property
It’s hard to know whether you can live in a property that is not meant for residential use. The rules tend to vary from state to state or even from town to town. So, consult a company that is exclusively into commercial lease Kelowna and find out which properties have mixed-use zones. Do not feel overwhelmed with commercial listings that come included with apartments. You may put the wrong foot forward. While some areas in your city come with various mixed-use zones where you can easily find a place to live, in others, the availability of a house within a commercial space may be sparse. You need to check with the local planning office to ensure that the permits are in place.
3. Think about rezoning
Changing the land and property surrounding your building can be used to your advantage. Wondering how? Well, rezoning the commercial area is the best choice. You may face opposition from your neighbors during rezoning. But if you research the local area of your surroundings, it will be easier to explain how rezoning will support your cause and work for others as well.
4. Dealing with legal hassles
If you go the non-legal way when searching for can you live in a commercial property, you are already on the wrong side of the law. Does that mean that you might be caught? Well, talk to Emil Anderson Properties when looking for live and work properties. They are the commercial leasing and renting experts you can swear by when moving ahead with your intention of living in your commercial space. The company has been the brainchild of Kelowna’s new developments extensively.
Once you discuss your plans to live in the commercial property you own, you may face fines. Moreover, you may need to remove the unit or make it legal to live on it only after you secure the permits. Now, you may think about the necessity of a permit. That way, the insurance company may refuse to pay for flood, fire, and other dangerous situations and simply face criminal or civil charges. If you are caught living in a commercial space, you may also face eviction.
5. Living and working units ( can you live in a commercial property )
Due to the exorbitant rise in real estate prices, several people in Canada, especially those living in towns and cities have started moving towards live-work units doubling up as business and residential spaces. You may also find the co-existence of commercial and residential properties such as in condos, factories, or warehouses. Check the local bylaws where live-work units are found together, such as fashion boutiques, lawyer’s offices, barber shops, and doctor’s offices.
6. Check the property taxes
Have you checked the property taxes on commercial spaces? They usually tend to be higher than residential properties. When it comes to commercial space for lease in Kelowna, you will be charged higher taxes. However, if you plan to move to a live-work unit, it may be treated as a residential property but only when you comply with the laws. Check with the local government as laws vary from state to state.
In places with less strict zoning laws, living and working in a commercial building depends on the rules that the landlord sets. If you sign a commercial lease in Canada, you are a commercial tenant but governed by the laws of the country. When searching for live-work units in Canada, and avoiding legal troubles, the best bet is to connect with a realtor who knows the local market. Many of them have expertise in dealing with residential and commercial properties, so you might go through some happy hunting experiences and get the living place you are looking for.