What is live in office space
Live in office space can be a creative option for consultants and entrepreneursWith the rising prices on residential property turning off many a potential renter, it's no fluke that some are turning toward alternatives in this market. For those looking to crash in office properties, there are a variety of issues to face, such as insurance questions, questionable legality, and, in certain instances, a violation of the terms of the lease.
And there are a host of other such problems as well. Am I going to be putting in a shower? Will there be a kitchen added in the unit? What type of insurance would be necessary to pull it off? When do the cleaning ladies come to clean the unit?
Fortunately, there are new properties being built which effectively mix the styling of a home/apartment with a business setting. In the coming paragraphs, we'll take a look at potential properties that have been specifically designed for the work professional (and renter) in mind. In certain instances, though, there are still questions of legality, as well as price concerns due to the high cost of such duel-properties.
For the purpose of legality, let's take a look at some instances of by-the-books ways in which someone can live in office space. One of these ways -- and it's becoming more popular by the day -- is for condo developers to create live-work units that can be placed in commercial properties, such as in newly renovated downtown areas, for example.
Sculptors, painters, artists, writers, and bohemian types, as well as entrepreneurs and professionals, are the key demographic of these properties. You get the flexibility of not having to travel to work, you can make your hours, and you don't have to live in an area that's truly meant for workers. These units will provide a regular floor plan for an apartment space, with the addition of an area to be used for work.
In Miami, for instance, there will be LOTS, which are known as living over the studio units. In Hollywood, Florida, units at The Lofts will include separate work areas for residents to go along with private quarters. For many of these properties, the price has gone up to meet demand. Prices can be in the $400,000 - $2.5 million range, on many of the properties listed.
Added to the high cost, the issue of legality still raises its ugly head in a variety of situations. Most building codes don't yet cover these residential/commercial properties, with both zoning and code issues becoming sticking points in many negotiations.
For the most part, though, these units do offer a way for professionals to combine work and private spaces into one all-encompassing unit. For more information on restrictions, zoning issues, building codes, and more, head over to the MSN real estate page.
Offices For Cheaper Living
According to The Independent, residents in London are looking to creative means in which to find lower rent housing. And this means looking for warehouse style buildings and former office spaces in which to squat or rent from.
Some are finding properties and turning them into a dual-purpose area for work and home. But, for most, the former offices/buildings are a great way to find a lower rent, an area that can fit a wealth of people in it, and -- in London -- an oversupply of office buildings from which to choose.
As mentioned in the opening paragraphs, with this path there are a myriad of legal issues to hurdle. These might include new licenses necessary for more than five people in a property or the fact that the building itself may need to have a change of tax status, which would change the business rates to residential.
Thus, in the end, it's better to look for properties tailor-made for those looking to combine both work and home into one. Otherwise, you could be looking at some less than desirable legal ramifications if you try to crash in your current work environment not meant for residential living.
MSN.com: Live-Work Condos Offer Dual-Purpose Space.
The Independent: Office Living: The New Work-Life Balance.
Above photo attributed to Dwonderwall