Hi all.
Recently been looking at a property in QLD as a rental. Its a QLDer that has been split into 2 units, figures are great, all looks good except that i thought the zoning was res but turns out it is actually commercial.
Can anyone think of how this zoning could be a problem for us in any way?Thanks
Scott
I would think a Commercial zoning would provide you with a lot more opportunities regarding tenants and/or future development.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]A potential problem is if the area is currently a residential outlook and you want the property as residential, but later down the track a commercial development goes up next door that impacts upon the streetscape. Nobody will want to live next to a McDonalds or busy shopping centre.
But then maybe MacDnalds or the shopping centre or someone else may have a great commercial idea for your property and be willing to apy for it?
Anne
There is also the possibility of mixed use development – ie: some shops downstairs and residences upstairs. I like Commercial or Mixed Use zonings smack bang in the middle of a residential area. Every area needs a shop!
I bought one in part of Geraldton WA and I was looking forward to the area developing further. I would then be the guy that puts up the Commercial development next door to the neighbours if I intended keeping it long term. Who knows, maybe they will hate it and sell me their property cheaper to create a larger development!!!
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksThanks all, i feel better about this one now.
What sort of lvr would most lenders loan on this sort of thing?residential can go up to 106%. If it is classified commercial, it might be as little as 65%. Mixed use is the best.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential Links
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