Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
Buying an apartment—any apartment—in New York City can be daunting. It can be rough even if your apartment is in a complex filled with friendly neighbors. It gets even more intimidating when you want to buy an apartment in a mixed-use building in New York. But is it supposed to be scary? And are there any considerations you need to be aware of when you decide to get a mixed-use building? As it turns out, the truth is that it might be more hassle than you’d expect it to be.
A mixed-use building is a building officially zoned for both commercial and residential purposes in New York City. This usually happens in one of two ways.
Either the building is new construction built with mixed goals in mind, or it’s an older building initially meant for commercial uses but later became mixed-use after remodeling.
They are becoming increasingly common, but the truth is that there’s a little problem when it comes to buying a mixed-use building. Many buildings that are mixed-use in practice aren’t mixed-use on paper. At times, this type of fraud has led to severe problems for both buyers and sellers.
This means that there have been several cases where apartment buyers bought an “apartment” in a building they believed was mixed-use, only to find out their new “home” was in a commercial-only building. To avoid this, have your real estate agent double-check to see if it’s a mixed-use building.
You can use them for either business or residential purposes, making them ideal for people who want to live and work in the same place. However, it’s not for everyone.
You need to know the perks and pitfalls of buying a home in a building like this.
Mixed-use buildings are hot on the real estate market in New York City, and it’s easy to see why, too. These perks below make it an excellent buy for the right person.
While mixed-use buildings are significant for some, some pitfalls are too big to ignore. Thankfully, this isn’t always the case with every building under this label. To ensure you get the best home for your budget, avoid these major pitfalls below.
Getting into mixed-use apartments isn’t precisely wise for everyone. If you want one, it’s best to ensure you have all the information you need. These tips can help you make the most of your apartment hunting.
Please don’t believe the building owner when they tell you it’s mixed-use. Instead, check out what the official documents designate the area for. If it says it’s all commercial, you should find a new landlord.
If it genuinely is mixed-use, then you should take a look at other issues that it may have. Make sure it’s up to code and check for any problems.
Look at the businesses in the same building before you move in. If you notice dingy restaurants or potentially problematic businesses, think long and hard about buying an apartment in the building.
In most cases, companies are pretty easygoing. However, if you get stuck with a business that is a bad neighbor, you’re stuck.
A mixed-use apartment is one thing you must consider before going all in. Before you make an offer, sit down and ask yourself the following questions:
You are not alone! These types of properties can be pretty intimidating. If you want a good selection of new homes or don’t know where to begin, you can call a real estate agent and talk to them. After all, they have the experience they need to steer you towards the right property.