Commercial Area Residence Is Popular Choice For A Life Style Enthusiast

Buy sell Property & Real Estate Investment Guide

Buying Property Tips#1: Choose the Right Location
Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.
Buying Property Tips#2: Study the Local Market Dynamics
It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.

Ever increasing population requires expansion of the city to house its inhabitants. With this there has been a rise of business districts and local shopping establishments. The definition of a city center is witnessing change with time. Generally center of a city is by definition is located near where the businesses takes places and called the central business district (CBD). Catching on to the trend, developers are capitalizing on this opportunity and constructing commercial buildings in the CBDs. Many developers are making luxury flats in Bangalore with additional commercial areas to offer comprehensive living for the residents; however a planned commercial area has a charm of its own with high street shopping complex, office buildings and trendy malls.

There are a few advantage of a central business district:

Residents living near to work; encourages the walk to work culture and allows faster access to the workspaces, shopping areas and leading businesses. This saves a lot of time in commuting as well as increases productivity overall. Since the entire them of a business district is planed the quality of residential projects or properties is of high quality and offers superior, modern facilities. Therefore a residential complex near a large commercial center is always gains high demands and also contributes to the social status of the residents.

Residential complex near commercial centers also has high resale value. A commercial center has high connectivity attracted with good roads and massive infrastructure developments within its proximity and has bus stops, metro connectivity; malls and other amenities build near it. Though the resale value of a property is determined by its exact location and condition, but it is highly likely to have price appreciation very frequently.

Buying Property Tips#3: Choose the Right Property
Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.
Buying Property Tips#4: Do the Math Properly
Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.
Buying Property Tips#5: Consider Additional Expenses
When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.

What are the disadvantages of living near a commercial district?

The number one disadvantage is high cost of living. Properties near CBD can be very costly compared to the other part of the city. Therefore affordability of residing in these areas lies within the budget of well-paid managers and successful businessman. Additionally the rented properties in these locations are of high cost and dictates frequent appreciation of rents which is likely to burn a hole in the tenant's pocket. Living near the commercial district means lot of hustle bustle and traffic. A commercial area lends a lot of activity and is susceptible to traffic jams, pollution and more noise. One has to get use to the sound of steel shutters slamming and sliding every day, heavy motion on the roads and during the festive seasons expected stagnation in the huge traffic jams moving at a frustrating slow pace. This will add to the commuting time and delays.

Residents of a commercial district will face another aspect which is enclosed existence surrounded with large buildings which blocks views and the inflow of fresh breeze. Large energy consumption in these areas causes frequent power cuts. Hence, a backup power is required to be in place such as investors and generators in case you are living in 1 BHK flats in Bangalore.

Considering all the above factors, one has to contemplate the pros and cons of living near the commercial area and some suggestions can be taken under consideration.

People looking to reside in the CBD areas should search for options with a compact facility with all necessary features of modern living and lifestyle in the project within the budget. With a budget friendly outlook, keeping the unit size low and high in lifestyle factor will help to achieve this. One should also look for adequate facilities from a management agency for all requisite amenities.

Buying Property Tips#6: Inspect the Property
To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.
Buying Property Tips#7: Pick the Right Financing Option
While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.
Buying Property Tips#8: Invest through Equity
One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.
Updated: February 24, 2018 — 2:05 pm
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