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What else can I help you with?
Is a bed breakfast residential or commercial property?
A bed and breakfast should be considered commercial property. Residential property is classified as single home dwellings not for business use.
Is a vacation rental residential or commercial property?
A vacation rental property is considered residential as it provides temporary accommodation for individuals or families. However, its use for commercial purposes, such as short-term rentals, blurs the distinction between residential and commercial. Ultimately, its classification may depend on local regulations and zoning laws.
Are hotels commercial property?
Yes unless the owner lives there, B&Bs for example are considered residential.
Are Apartments a commercial property?
No residential.
What is effect to residential or commercial centers?
Commercial property outside the property line, impact the price of residential property, including proximity to schools, essential services and neighborhood amenities.
How do commercial properties differ from residential properties?
Commercial property recieves income from a non-residential source. i.e. Shopping malls, grocery stores A residential property is one that gets all of it's money from residential dwelling. i.e. rental houses, houses etc. But large apartment buildings are considered to be commercial because they are assumed to have been built for monetary purposes instead of just residential living.
How many houses are in foreclosure?
1. Commercial Property 2. Residential Property
Can a state certified residential appraiser appraise a commercial building?
A certified residential appraiser can appraise any residential property with up to four units, regardless of value. However, they cannot appraise a commercial property.
Is commercial property worth more that residential?
It depends on a lot of things such as location and size of the property. However usually residential property is more expensive.
Can you have residential property and commercial property on the same land?
Yes, depending in the laws, areas are designated to either residential or commercial. You may need to apply for land use conversion to combine both. Always consult a real estate consultant for better advise.
How does GST on commercial property rent differ from GST on residential property rent?
GST on commercial property rent and residential property rent differs mainly in terms of applicability and exemptions. For commercial property rent, GST is applicable at the rate of 18%. Commercial properties, such as offices, shops, and other business premises, are considered taxable supplies under GST. The landlord must charge GST on the rent, and the tenant can claim the input tax credit (ITC) for the GST paid, provided they are a GST-registered business. On the other hand, residential property rent is generally exempt from GST, provided the property is used for residential purposes. If a landlord rents out a residential property for accommodation, GST is not applicable. However, if the property is rented for business purposes (e.g., serviced apartments), GST may be applicable. The key difference is that commercial property rentals attract GST, while residential property rentals are typically exempt, unless used for business purposes.
What is involved in trying to change residential property to commericial property?
You end up dealing with different clientele. Also only certain properties can be converted from residential property to commercial property. You cannot change a house to commercial property without changing the entire layout.
