Apartment above retail shop

Discussion in 'What to buy' started by jinx77, 14th Oct, 2019.

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  1. jinx77

    jinx77 Well-Known Member

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    is It a bad idea to buy an apartment above a single-level retail shop in inner Melb? The apartment isn’t part of a complex, it stands alone.

    I can imagine some potential problems in the future eg: if someone turns the downstairs shop into a restaurant or bar, it could cause noise problems or make the apartment hotter in summer.

    However the pros mean living in a prime location and a stones-throw away from amenities and public transport.

    Thoughts?
     
  2. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    It depends on the zoning and what uses are allowed but I'd be pretty happy with it.

    Ideally you'd love to have an office downstairs and you'd never hear from them
     
    Archaon likes this.
  3. Marg4000

    Marg4000 Well-Known Member

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    Depends wholly on the shop.
    Apart from noise, you have to consider the impact of cooking smells.
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Who's responsible for major maintenance items (eg. roof replacement, external painting)? The strata plan may indicate that these are yours to maintain (and no sharing).

    Have services been separated properly so that you can charge water etc?

    @lixas4
     
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  5. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    It will turn off some people. The fact that you are asking is a sign that there is some value impairment.

    Cheers,
    John
     
  6. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Noise, traffic, odours (cooking etc) and fire hazards. Today it may a 10-4pm book store. Tomorrow its a midday to 10pm drum store with after hours band practice.

    Lenders will likely impair the valuation as its not dedicated resi but mixed use. A older building could even be a structural hazard and needs specific attention to inspection.
     
    John_BridgeToBricks likes this.
  7. cacioepepe

    cacioepepe Member

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    dont go there imo - not worth the risk
     

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