What is the difference between buying a commercial property or a residential property? The propertry is being occupied as a residence but the agent told me it is a commercial property. Does it make a difference if its a commercial property? value wise it is better right? a commercial property can be used as residence? it is in a walk up bldg. where all flats are used as residence. any other consideration i need to be concerned about?
Thanks in advance.
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It is illegal to make your residence in a Commercial or Industrial property.
There are some safety issues, and you may faces fines and other headaches if you try. Some do it, but they are taking a risk. My advice: Tread very carefully
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Commercial property refers to property that's intended to produce a financial return for its owner by being used or occupied by a business while residential property is a type of leased property, containing either a single family or a multifamily structure, that is available for occupation for non-business purposes. See the difference? Thus, if the property is being occupied as a residence and your agent told you that it's a commercial property, obviously it is not according to what the property is intended to. There should be no single family occupying and yes, you may faces future headaches if you go.
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