Real estate and property is not just restricted to houses and residential dwellings. Commercial and industrial properties constitute a major part of this market worldwide. It is always good to know a bit about them if you are planning to dabble in the field of real estate from an investment perspective.
What is commercial property?
Just like residential property is any piece of property being used for living in, commercial property is property that is used primarily to run a business from. Thus, shops, business houses, clinics, banks, etc are all established on such a property.
Difference between commercial and industrial real estate
Strictly speaking, commercial real estate typically refers to retail shops and offices, while the term industrial real estate is used for factories and warehouses. However, in current parlance, the term ‘commercial real estate’ has become an umbrella term for all these businesses.
Management of commercial property
Most people buy commercial property as a form of investment. It provides good return on investments and generally doesn’t have tenancy problems. The main problem with such a property is its management.
If you have a block of offices that you rent out, you would need to hire a professional to collect the rent and for the general looking after of the property. Of course, you can do it yourself, but the work is quite cumbersome and it is advisable to hire a professional who will also be able to inform you about the correct value of your property and also any increase or decrease in the value.
If you have a commercial property, and want to get it evaluated, just log on to the website www.13004avaluer.com.au. 1300-4-A-VALUER is an independent specialist company, established in 2007. They source independent and professional valuers who are licensed in that state to perform independent property valuations. The valuers associated with 1300-4-A-VALUER are also members of the Australian Property Institute, which is the professional body that represents trains and regulates valuers in Australia. 1300-4-A-VALUER covers all major cities and regional centres in Australia.
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Help answer the question about property properties
If you own 2 properties and one goes on foreclosure, after the sale does the lean go to my other property?I live in Chicago (Cook County). If I own two properties but one of my properties went on foreclosure. My question is if the house goes on sale for less does the lean of what is owed , does that lean pass to my other property or what happens? what is the difference?
About Author
Kyle Barry -
About the Author:
Kyle Barry got interested in real estates while helping out his uncle who was a realtor. Today Kyle still works in the field of real estate while at the same time writing occasional articles and pieces on topics related to the field of property.
Thank you so much
how did the Assessor come to assess the garage as "commercial". They would have had to have some reason. Did you ever claim the garage as a deduction on your income taxes for business purposes. We need more info from you. The Assessor wouldn't just out of the blue claim a garage as commercial, unless they had a good reason.