Commercial below flat decreases value by how much?
Discussion
How long is a piece of string?
Sorry for the flippant answer but it really depends.
Some people might like a Mon-Sat daytime business under their flat instead of neighbours below. Some might hate it. No fixed % guide in my view.
Food premises would drop the value... so always a risk that a future buyer things that there is a risk in change of use?
Sorry for the flippant answer but it really depends.
Some people might like a Mon-Sat daytime business under their flat instead of neighbours below. Some might hate it. No fixed % guide in my view.
Food premises would drop the value... so always a risk that a future buyer things that there is a risk in change of use?
Vaud said:
philv said:
I though the mere fact that many mortgage providers wont touch it would definately mean a decreased value.
Do you want to give us the full picture of what the scenario is and your questions - or shall we just guess randomly for the evening?24hr massage parlour?
In which case, if it is likely to fall quicker, and half of mortgage companies wont touch it, and ithe shop could possibly be converted to an all night kebab and adult sex shop all in one.
Wouldnt that imply the flat must be worth less than a similar fkat without thise risks/problems?
Wont a valuer see it this way?
Wouldnt that imply the flat must be worth less than a similar fkat without thise risks/problems?
Wont a valuer see it this way?
philv said:
In which case, if it is likely to fall quicker, and half of mortgage companies wont touch it, and ithe shop could possibly be converted to an all night kebab and adult sex shop all in one.
Wouldnt that imply the flat must be worth less than a similar fkat without thise risks/problems?
Wont a valuer see it this way?
Probably yes although there's no such thing as a comparable flat to compare it to really. Wouldnt that imply the flat must be worth less than a similar fkat without thise risks/problems?
Wont a valuer see it this way?
have you approached any lenders to find out what level of deposit they require to satisfy their mortgage parameters?
I think they'll be looking for a far higher percentage (and the terms of the mortgage will be higher than a prevailing regular resi mortgage too) as an LTV.
We priced some units up in Twickenham, which were above a takeaway and a separate sit-down restaurant, recently and we heavily discounted them to the open market (because of the smell and the issues with mortgages). People buying them would have to be 'all cash' as it were and that limits your purchasers too of course.
I think they'll be looking for a far higher percentage (and the terms of the mortgage will be higher than a prevailing regular resi mortgage too) as an LTV.
We priced some units up in Twickenham, which were above a takeaway and a separate sit-down restaurant, recently and we heavily discounted them to the open market (because of the smell and the issues with mortgages). People buying them would have to be 'all cash' as it were and that limits your purchasers too of course.
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