When many people think about real estate, the first thing that comes to their mind are residential properties. That being said, there are so many types of properties that are available to buy or rent. The type of property that we’re going to discuss today are mixed-use buildings, which are buildings that have more than one purpose, such as residential, commercial, institutional, or industrial uses.
Benefits of Mixed-Use Buildings
Mixed-use buildings are becoming popular in growing cities due to the high demand for properties. As a result, these properties are a great addition to neighborhoods because they offer greater housing variety and density, more flexibility to adapt to needs (improves the buildings long-term success), and often has a better integration with city services, such as public transportation.
What to Know Before Signing a Lease
Although there are many benefits of renting a residential or commercial lease in a mixed-use building, there are things that you have to consider. One of the things that you should check are the building services, which includes water, electricity, garbage, and common-area maintenance. The reason being is that you want to make sure that you only pay for your share, rather than sharing unfair costs with tenants or commercial properties that use more electricity. You should also consider where your property is located and who your neighbors are. For instance, does your apartment always smell like the restaurant next door or is there a loud gym that disrupts your sleep?
You should also check the practicality of the space. Do you have a dedicated parking space or will you have to be fighting for a parking spot every night? If you’re renting a commercial lease, you should also consider if you have any competitors in the same building.
Is a Mixed-Use Building Right For You?
Although you have to be cautious of what type of lease you’re signing, mixed-use buildings are a great option. To better understand if they’re right for you, you should talk to your real estate lawyer in NYC. They’ll help you review your lease to make sure that it’s a fair agreement for both parties.