Best Locations In Bangalore To Buy Residential Property

When you think of buying a residential property in Bangalore, the choices are many, ranging from simple one room house to independent villas. But, choosing a location can be quite a cumbersome task, as you have to choose a property that suits your needs and your pocket too. The price of a property depends on the type of the property and the location. You will need a bigger pocket if you are eyeing the central areas that are well connected and located in the heart of the city. Or, if you are satisfied staying in some interior part of the city, you don’t need to worry much about the expenses.

The most popular areas like Brigade Road, M.G. Road, and Cunningham Street etc. are mostly known for their commercial importance and it’s a mammoth task finding a house in these areas. Apart from that, there are some residential areas as well, that may not be as pocket-friendly as you want your desired locality to be. For example, Sadashiv Nagar, Whitefield(Villas), Off Cunningham Road, Off Palace Road etc that are known to be the abode of the affluent.

Following is a list of stylish, well-planned residential areas in Bangalore that are well connected and yet, are average budget localities:

Indira Nagar-Located within a diameter of few kilometers from Domlur airport, the area is well connected to rest of the city. It can boast of several renowned hospitals and educational institutions as well. There are a number of shopping options in addition to nearby pubs, bars, restaurants, gyms etc. The area can be classified as an average budget area.The average price and rent for apartments in this area is Rs.4736/sqft and Rs. 16/sqft respectively. The price for residential plots, on an average is Rs. 8935/sqft.

Koramangala-Reputed firms and business houses, renowned educational institutions, St. John’s Hospital and a number of shopping centers and malls, this area is surely a very good option to settle down. Criss-crossed by many roads and near to Indira nagar, the area doesn’t seem to be facing any sort of connectivity issue.The average price and rent for apartments in this area is Rs.4614/sqft and Rs. 18/sqft respectively. The price for residential plots, on an average is Rs. 6570/sqft.

Banshankari- A medium budget locality at about 15 Km from railway station and 25 Km from the airport, the major connecting road is the 100 feet ring road. There are a number of new projects developed recently or under development in the area.The average price and rent for apartments in this area is Rs.4232/sqft and Rs. 9/sqft respectively. The price for residential plots, on an average is Rs. 3693/sqft.

Jayanagar- Lying close to Banshankari, Jayanagar is a well developed residential area with a cosmopolitan setup. There are a number of shopping complexes, educational institutions and some of the most famous food joints, e.g. Mughal Darbar, Taj Darbar, Blue lagoon etc., in the area.The average price and rent for apartments in this area is Rs.4974/sqft and Rs. 15/sqft respectively. The price for residential plots, on an average is Rs. 10167/sqft.

Malleshwaram-It is one of the greenest localities of the Garden City. The place is naturally beautiful with the lush greenery all around.The average price and rent for apartments in this area is Rs.5223/sqft and Rs. 16/sqft respectively. The price for residential plots, on an average is Rs. 8312/sqft.

Marthahalli- Close to Whitefield and Sarjapur, the area is well connected and offers lots of new projects as well, to choose from. It is again a medium budget locality.The average price and rent for apartments in this area is Rs.2617/sqft and Rs. 12/sqft respectively. The price for residential plots, on an average is Rs. 2863/sqft.

BTM Layout-Located in the southern Bangalore, the area houses the IIM. It is a well planned residential colony with developed road system and separate market place.The average price and rent for apartments in this area is Rs.3174/sqft and Rs. 12/sqft respectively. The price for residential plots, on an average is Rs. 5110/sqft.

Madiwala- An area for small budget home seekers, Madivala is one of the most crowded areas of Bangalore. Though the interiors of the locality are not comparable to those lying in the vicinity, it is nearby to BTM, Koramangla, and HSR Layout areas.The average price and rent for apartments in this area is Rs.2785/sqft and Rs. 12/sqft respectively.

HSR Layout- The area is well connected to Whitefield, Marthahalli, and Electronic City, where most the offices are located. Well connected to the city and better infrastructure makes it dearer. You can find any number of medium budget houses in this locality.The average price and rent for apartments in this area is Rs.3351/sqft and Rs. 12/sqft respectively. The price for residential plots, on an average is Rs. 4402/sqft.

K R Puram- Krishna raja Puram or K.R Puram is well connected to the city. You can find hundreds of flats in this area, depending on your needs and budget.The average price and rent for apartments in this area is Rs.1796/sqft and Rs. 10/sqft respectively. The price for residential plots, on an average is Rs. 1151/sqft.

New Partner strengthens the Trethowans Commercial Property Group

Salisbury and Southampton solicitors Trethowans have bolstered its Commercial Property Group with the hire of Jennifer Rogerson as Partner.

Jennifer is a highly experienced commercial property solicitor who qualified in 2003 with Trethowans and most recently was with Shoosmiths in their Reading office.

Jennifer has many years of experience in advising property clients on a wide range of real estate matters with a particular focus on landlord and tenant matters and transactions involving the leisure, retail and care home sectors. She also has a great deal of experience in property-based funding work, having acted for a number of banks and lending institutions.

Jennifer prides herself on understanding client’s businesses and taking steps to ensure her advice meets the commercial needs of her clients. She has worked closely with various clients in order to develop service manuals containing precedent documentation and procedure guidelines. The bespoke documentation reflects the client’s specific requirements which assists in driving down timescales and costs.

Commenting on her return to Trethowans, Jennifer said; -I am delighted to be returning to Trethowans. Trethowans has a growing reputation for providing quality legal services to a very impressive client list which includes many notable household names and I am delighted to be part of the team.-

Commenting on Jennifer’s arrival, Chris Twaits, Partner and Head of the Commercial Property Team in Southampton said, -We are delighted to welcome Jennifer back to Trethowans. Jennifer is a real talent and her appointment is further evidence of Trethowans continued commitment to expanding key areas of the firm. Trethowans is very much a firm on the up as is confirmed by Jennifer’s choice to leave a well regarded firm such as Shoosmiths to join Trethowans. This sends out a very strong message.-

For more information visit Salisbury and Southampton solicitors http://www.trethowans.com/

Who Invented Super Built Up

All over India, super built-up concept has taken its place in real estate transactions. It is applicable to residential units, commercial premises and now to the open vacant land.

Although, there is no place of such concept in any law for the time being inforce, the transactions cannot take place without it.

Question is, who invented and why ? When builders started selling concepts instead of flats in early 80s, they were asked to sell it on carpet and no due charges were given for the extra amenities they had provided.

The balcony was charged extra premium by the BMC and builder mounted balcony area on carpet area of the flat. And slowly he started adding areas of passage, common staircase, lift wells, compounds, terrace, gardens etc on the carpet area to maximise his profits.

The permissible built up ratio was 18% that time and is still applicable. But the trend changed over the years. Builders started mounting 23% in early 90s then 30% in late 90s and nowadays majority of the builder sells nothing less then 33% to 45% on residential units, 50% to 200% on commercial premises. Government agencies like MHADA, SPPL, DDA and CIDCO are also following the trend.

Landlords are also now very well informed on such practice and hence sell the open land to developers by adding 33% of saleable area.

This is not the practice in Mumbai alone. Ahmedabad, Delhi, Rajkot, Bangalore, Pune, Nashik, Kolkatta, Chennai and elsewhere in India are following the trend.

When Mr. Deepak Parikh, chairman, HDFC, boldly said in CREDAI meeting at Bangalore that the sale must be on carpet area, no developer came forward to announce his intention to sell at carpet area except Mantri Group. CREDAI has itself imposed code of conduct which clearly says that the carpet area must be mentioned in sale agreement. The Confederation of Real Estate Developers Association of India failed to impose such code.

In Model Agreement under Maharashtra Apartment Ownership Act, it is mandatory to mention carpet area in sq.mtrs. And the model agreement is mandatory to be followed for entering into an agreement. But sellers never follows the model Agreement, instead drafts one sided agreement to protect them and attack the purchaser without any fault.

A thought was coined by MCHI office bearer, in a talk show on some channel recently, that we give extra amenities, extra open space, extra lifts and other amenities, we are charging for that. And super built-up area is just a method for calculating the rates. Either you pay Rs. 2600/- as super built up or Rs. 3800/- on carpet, my flat will cost Rs. 18,00,000/- for 2 BHK.

Open spaces are mandatory to be left alone in the Development Rules of BMC. The builder has to keep such open space. By just decorating and using it as USP for the project, it doesn’t give him any reason to mount on the carpet.

It is already written in DC Rules and proven that lift wells and staircase do not count in the total constructed FSI, hence charging such area on carpet is not justified.

Compounds also cannot be charged on carpet, because anything open to sky is not saleable. Non saleable areas cannot be sold by proxy. It cannot be counted in area of occupation. Also, open car parkings are been sold, hence builder should not charge the open compounds twice, once sold as car parking and secondly mounting such areas on carpet. Even open car parking cannot be sold.

Lastly, the customer who register their documents on super built-up area pays higher property tax, society charges for life time. He pays the taxes for lifetime on the area which he is not occupying and only mentioned on paper. Higher stamp duty and Registration charges on super built-up area is also not justified.

It was indeed a great concept two decades ago, but now when transparencies are discussed, the seller must be Caveat Emptor. Let the buyer be beware of everything which he is paying for. Founder Convenor Mr. K.V. Satyamurthy, FAAI rightly raised the voice as “Maap Mein Paap Nahin”. An upcoming rating agency sent a SMS to this author, said “Earth will swell 45%, if developed by a Mumbai developer”

[Counter arguments are invited. Just mail on ]

Glossary Of Types Of Apartments For Rent In Ottawa

Looking through the apartment listings can be a pretty confusing experience. Just what are the differences between a junior one-bedroom and an alcove studio? A convertible three-bedroom and a flex two-bedroom? Knowing the layout of each type of apartment and what features each type contains will greatly improve your chances of finding the perfect apartment rental for your needs and lifestyle.

Walk-Up Apartment / Low-Rise Apartment

A walk-up or low-rise apartment is located in a building that does not have an elevator (which means it might be a bit more difficult when youre moving in). Walk-ups are usually older buildings that are less than five storeys high and may not have a lot of amenities such as laundry rooms, storage lockers or wheelchair accessibility. Generally, monthly rent for a walk-up is less expensive than the monthly rent for a high-rise apartment.

High-Rise Apartment

A high-rise apartment is found in a building that is generally six or more storeys tall. High-rise apartment buildings have elevators and often have onsite laundry facilities, pools, fitness centres, comprehensive fire alarm systems, and security systems to monitor tenant entry and exit. In addition, many high-rise apartment buildings feature onsite management staff to assist you in the event of an emergency.

Bachelor Apartment / Studio Apartment

A great choice for students, a bachelor apartment (also called a studio apartment or an efficiency apartment) is a small one-room apartment with a separate bathroom. The one room serves as a bedroom, dining room and living room and is usually connected to an open kitchen. Bachelor apartments can range from very small (just big enough for a sofabed and a desk) to very large (with enough room for a king-size bed and a separate sitting area and dining area).

An alcove bachelor (also called a convertible bachelor or convertible studio) is usually configured in an L-shape with a distinct area or nook for dining or sleeping.

1-Bedroom Apartments

A one-bedroom apartment consists of a living room, kitchen, bathroom and a separate bedroom equipped with a built in closet. Occupancy may often be limited to two people.

A junior one-bedroom usually implies an extra-large studio apartment that is large enough to section off a separate sleeping area or bedroom.

2-Bedroom Apartments

A full two-bedroom apartment has two separate bedrooms in addition to a living room. It may or may not have a separate kitchen. Bedroom sizes can vary widely, from a baby’s room or small office to an extra-large master bedroom suite.

A convertible two-bedroom apartment (sometimes called a flex 2) is actually a one-bedroom apartment, but it is large enough and laid out in such a way that a wall could be put up to create a second bedroom. Similarly, a convertible three-bedroom (or flex 3) is a two-bedroom apartment that can be converted into 3 bedrooms.

A wing apartment usually has two bedrooms as well as a small common area such as an eat-in kitchen, but no living room. These apartments are ideal for students or roommates who don’t require much in the way of common living space.

Loft

A loft can be classified as a big, open space with few internal walls. Usually the result from a commercial building having been converted into residential units, lofts generally have very high ceilings, extra-large windows and often have exposed plumbing pipes and columns.

Penthouse Apartment

A penthouse is an apartment on the top floor of an apartment building, usually featuring extra balconies or a rooftop deck. A penthouse is normally considered to be quite luxurious and is an extremely desirable (albeit expensive) place to live.

Basement Apartment

As the name implies, a basement apartment is located in the lowest storey of a building and is partially below ground level. Windows and proper ceiling height are enforced by city codes. This type of apartment can also refer to the basement on a house that has been converted to an apartment. This type of basement apartment may have its own separate entrance and may have its own bathroom, kitchen, laundry room and heating system separate from the rest of the house.

Duplex Apartment

A duplex is an apartment with two levels. This could include a true bi-level apartment with an enclosed upstairs and downstairs, or it could also be an open space with an extra-high ceiling and a loft or mezzanine.

Railroad Apartment

In a railroad apartment, there is no hallway. This type of apartment consists of a series of rooms that are connected to each other in a straight line (just like cars on a train), meaning a tenant will have to walk through each room to get from one end of the apartment to the other.

Balcony / Terrace

The terms balcony and terrace are often used interchangeably to indicate a railed platform extending from the outside of the apartment. It can be small enough to accommodate one or two people standing or large enough for a picnic table, lounge chairs and plants.

Best Locations In Mumbai To Buy Residential Property

Mumbai-the commercial capital of the country and home to the Indian film industry, has always been a preferred choice for buying, selling or renting properties in India. It is recognized as an IT/ITES hub and this has led to a thriving demand for properties. Despite the skyrocketing real estate prices, the city has something to offer for every class of the society to invest in real estate.

Due to large scale urbanization in the suburbs, Mumbai is expected to see very high demand for residential space of approximately 16.40 lakh units. The mid-scale and affordable housing in suburban and peripheral areas will be the focus of this demand.

The eastern suburban areas of Navi Mumbai, like Kharghar, Airoli, CBD Belapur, and Sanpada which have been getting a lot of infrastructural developments, happen to be good investment options. Rates in Navi Mumbai range between Rs.3000 to Rs.5000 per sq ft. While the North Western and Eastern suburbs continue to be the preferred locations; in Mumbai, the demand has continued and there are some new projects coming up in South Mumbai. Also, Central Mumbai areas e.g. Wadala, Sion etc are coming up with new residential ventures.

Navi Mumbai is getting the larger share of the pie, as most of the real estate projects are coming up here and the prices are affordable as compared to Mumbai. Many options are still available in Mumbai, wherein you can afford to have an abode of your own. Lets have a look at a few of them:

Kurla- One of the major suburb of Mumbai, the suburban railway station lies on the Central and Harbour line. Lokmanya Tilak Terminus lies near to the Kurla Suburban Station, which is a terminus for out passenger/express trains. It has its own railway junction and is 3.5 Kms away from the domestic airport and 13.5-14kms from Mumbai Central and Mumbai CST respectively. The locality has got Engineering Colleges as well, apart from lots of schools and various other educational institutions.

Borivali- The Borivali suburban railway station is on the Western Line. Located in the North-Western Mumbai, it is one of the few places in the world that has got a National park within the city limits-The Sanjay Gandhi National Park. There are a number of well known educational institutions managed by the Franciscan Brothers. The very famous amusement park, “Essel World” and Asia’s largest water park “Water Kingdom” are located here. It is at a distance of approximately 18 Km from the airport and 32 Km from the Mumbai Central.

Sion- The Sion suburban railway station lies between Matunga and Kurla on the Central line. There are a few residential projects coming up in this area. The Central Labour Institute is nearby and other schools and colleges are also there. Not only the local trains, but also the Sion BEST bus depot connects it well to other localities like Wadala, Dadar, Antop Hill, Bandra etc.

Vikhroli- This Mumbai suburb has a railway station with the same name on the Central line. Similar to many other areas in Mumbai, it is divided by the railway line between two parts, namely Vikhroli East and Vikhroli West. There has been a proposal for a bridge to be built over Thane creek to Kopar Khairne, Navi Mumbai, the third linkage between Navi Mumbai to Mumbai. It lies between the Ghatkopar and Kanjurmarg Suburban Railway Stations.

Chembur- Located 22 Km to the North-East of Churchgate, Chembur is located in the eastern part of Mumbai. The Suburban Railway station of Chembur is on the Harbour Line. Owing to its central location, it is well connected via roads to Navi Mumbai, Ghatkopar, Sion, Kurla, Mulund, Mankhurd, Panvel and Thane. The NG Acharya Garden or Diamond Garden, Sandu Garden and Pestom Garden. are the major attractions of Chembur. It is about 20 Km from the international airport and 18 Km from the CST railway station.

Jogeshwari- Jogeshwari Suburban Railway station lies on the Western Line between Andheri and Goregaon. Jogeshwari-Vikhroli Link Road or JVLR, as it is popularly known connects it to the central suburb of Vikhroli. The place is mostly inhabited by Muslims and Maharashtrians. The suburb is named after Goddess Jogeshwari. There are some earlier caves in the eastern part of the region, dedicated to Lord Shiva and Goddess Jogeshwari. There are some of the well known schools and colleges in the area.

Ghatkopar- One of the richest suburbs of the city, the place is filled with all kinds of shopping centers, jewelers’ shops, cloth shops, eateries etc. It lies on the Central Line of the suburban railway station, between Vidyavihar and Vikhroli. North Bombay Welfare Society High School (Ghatkopar West), Fatima High School (in the border area with Vidyavihar), Gurukul High School (Ghatkopar East), Garodia High School (Garodia Nagar), Ramji Assar High School (Ghatkopar East) area few private schools in the area. For arts, Science, Management, Engineering and Medicine streams, the famous Somaiya family of colleges is here. In addition, the suburb is served by at least three Municipal schools. It lies 6 Km from the international airport and about 18 and 16 Km from CST and Mumbai Central respectively.

Goregaon- It is a major suburban railway station on the Western Line between Jogeshwari and Malad. It is in the northern part of the city and is easily accessible by buses, trains, auto-rickshaws and taxis. Not only has it housed the famous film studios Filmistaan and Film City (in Goregaon East) but also the cinemas like Anupam and Samrat. Goregaon West is known to have most of the shopping centres of the locality. The Western Express Highway and Linking road lie on either side of the area. It is primarily a middle class locality.

Malad- It is well known for Marve/Aksa/Erangal beaches where the famous Raheja group hotels Resort/Retreat are situated. It is on the Western Line of the Suburban Railway between Goregaon and Kandivali. There are a number of shopping centres, markets, theaters etc in the locality. Malad East has many popular housing colonies like Raheja Township, Govind Nagar, Mahindra Nagar and Pratap Nagar. Mahindra Nagar is a clean and green society, which was nominated as the second most pollution-free area in Mumbai by Eureka Forbes after Aarey Colony in Goregaon.

Area-Avg Price/Sqft(INR)-Avg Rent/Sqft (INR)
Kurla(East/West)-6092 / 7688-21 / 29
Borivali(East/West)-6330 / 6884-21 / 18
Vikhroli(East/West)-6051 / 6609-19 / 24
Ghatkopar(East/West)-7458 / 6880-26 / 24
Malad(East/West)-7204 / 5336-24 / 25
Jogeshwari(East/West)-9190 / 7309-32 / 28
Goregaon(East/West)-7605 / 7968-25 / 25
Chembur-8367-25

The above localities offer a lucrative option for real estate investments. These are well developed and have a better infrastructure in comparison to the developing Navi Mumbai suburbs. Also, they offer a cheaper rental as well as capital values, when compared to the Mumbai’s Golden triangle, Malabar Hill, Breach Candy and Altamount Road and other costly areas, where residential properties sell in the range from 40000-62000 Rs/Sqft .

Property In Belgravia And The Famous Figures Who Have Lived There

The Belgravia of today ranks proudly as one of the world’s finest places to live, and property in Belgravia is generally grand, desirable and exclusive. Complemented by a fine array of boutiques, brasseries and bars, property in Belgravia has attracted many well-known residents, eager to discover for themselves the grand style of living that is famously associated with the area.

Let’s take a look at a few of the famous faces who have chosen to live in some of the finest property Belgravia has to offer:

King George IV – It was King George who made Buckingham Palace his permanent home, and while the Palace isn’t strictly in Belgravia itself, its proximity to the developing area quickly made property in Belgravia a highly sought-after status symbol – cementing a reputation in the 19th century that continues unabated till this day.

Neville Chamberlain – The former British Prime Minister lived at number 37, Eaton Square. Chamberlain is famous as the leader who was in charge of the country at the start of the Second World War, and is now regarded as a highly influential public figure. The fact that such an important politician made property in Belgravia his home is indicative of the area’s huge international renown.

Ian Fleming – A British author, Fleming famously created the character of James Bond. It is entirely logical that he chose to live in property in Belgravia, because the suave, gentlemanly traits of the character mesh perfectly with the area’s cool, classy and super-fashionable shops, bars and homes. If you’re not convinced, then consider the fact that two actors who famously played James Bond on screen – Sir Roger Moore and Sir Sean Connery – also resided at property in Belgravia.

Joan Collins – The author and Dynasty actress is said to live in Eaton Place. Much like Ian Fleming, Collins’ books only add to the mystique that makes property in Belgravia so sought-after, as they are full of glamour, romance and celebrity style – traits that the area has in spades.
Andrew Lloyd Webber – Webber has played a key role in the creation of some of the most famous musicals in history, including The Phantom of the Opera, Joseph and the Amazing Technicolor Dreamcoat and Evita. He is well-known across the world, and is believed to live amongst many other celebrities in the area.

Brian Epstein – Another important figure in popular music, The Beatles’ manager also apparently made the famous London district his home, and in the late 1960s, the famous pop group’s Apple Building was located in commercial property in Belgravia – at number 3, Savile Row. This was also the location of The Beatles’ last ever live concert – stunning residents and workers when they played on the building’s roof.

Jennifer Saunders – The comedienne and Absolutely Fabulous’ star is said to rent or own property in Belgravia. She has received many awards for her work, and has created many glamorous and hilarious comic creations – the popularity of which has seen her receive worldwide recognition. Current estimates put the combined personal fortune of Saunders and her husband – the actor and comedian Adrian Edmondson – at around 11 million.

Leasing Retail Space – Know Your Neighbors

Are Nearby Stores Complementary?
Next review whether the retail space you are considering is complementary to nearby retail establishments. For example, it would not be appropriate to put a liquor store adjacent to a school for troubled children. However, a dry cleaners, nail salon, office supply store and dollar store might all fit well in their neighborhood shopping center anchored by a major grocery chain.

Complementary Stores

Grocery stores, drugstores and gas stations tend to be complementary. In some cases, they are all provided by one retailer. For example, many of the Sam’s Club or super Wal-Mart’s have groceries, a drugstore and sell gasoline. In addition, there has been a growing trend for grocery stores to sell gasoline as a loss leader. Their objective is not to make money selling gasoline. Their objective is to increase the number of trips customers make to the store to buy groceries.
Category Killers

In some cases, “category killers” cluster in a power center. (A category killer is a retailer who stocks every conceivable item relative to a category. Office Depot is a category killer for office supplies. Petco is a category killer for pet supplies.) Having four to six category killers in one cluster is referred to as a power center.
More on Category Killers

The stores are not linked in a physical sense, other than being part of the same planned development. In other words, they were likely developed at the same time on one large tract of land, but there is no enclosed pathway between the stores. Other examples of category killers are Home Depot, Circuit City, Best Buy, Linens N Things and Bed Bath and Beyond.
Example of Complementary Uses

Another example of complementary use retail uses would be to put a beauty products store, hair salon, tanning salon, nail salon and spa contiguous with each other in the same retail center. Customers interested in one of these businesses may well be interested in at least one of the others.
Avoid a Deal Killer

Complementary uses can be a meaningful enhancement of a location. However, uses which are clearly inconsistent with your proposed location may be a deal killer.
Construction

When retail space meets the minimally acceptable standard for the previously discussed criteria, it is time to review the costs to prepare the retail space for your business. In broad terms, the costs include signage and the cost of renovating or redoing the improvements within your space.
Tenant Improvements

At this point, you need to know the landlord’s policy regarding tenant improvements. (Tenant improvements are worked performed to make space suitable for a business. It can include adding restrooms, demolishing and adding walls, floor coverings, window coverings, signage and virtually anything else related to physically preparing the retail space for your business.
Will the Landlord Pay?

The landlord is usually willing to fund tenant improvement expenditures provided he is confident the tenant has the financial capacity to pay rent for the term of the lease. If you’re representing a national retailer with a strong balance sheet, landlords will practically spend as much money as you request on tenant improvements. Of course, the cost of the tenant improvements will be built into the rental rate.
It’s Up to You

If you’re a start-up business with no track record and little capital, landlords will be cautious about expenditures for tenant improvements. They will likely want you to fund tenant improvements for your space. The benefit is your rental rate will be lower. However, you’ll have to include the cost of preparing your space for occupancy in your initial capitalization.
TI Details

Other issues related to tenant improvements include defining the work to be done, and who has financial responsibility for performing the work. If you’re a national retailer, you might provide a landlord with a detailed set of plans for your space. It is then up to him to cost effectively provide the buildout you are requiring. If you’re a smaller retailer, the landlord may provide a tenant improvement allowance, and require you to interface with contractors to have the work performed.
How Much TI?

The cost of tenant improvements occasionally exceeds $100 per square foot for second-generation retail. It is generally much lower. Even if the landlord is willing to provide substantial funds for tenant improvements, be cautious about the scope of work for tenant improvements. The landlord’s expenditure for tenant improvements is essentially a loan which will be repaid with your rent during the term of the lease.
Who pays for ADA?

If the space requires tenant improvements which require obtaining a building permit from the city, review whether you’ll have to replace the restroom because of ADA. (ADA is the Americans with Disabilities Act). In most cases, changes to provide ADA compliance are not necessary if you not require a building permit. However, a consequence of obtaining a building permit is typically that the space must be revised to completely comply with ADA. Replacing the bathroom so it is ADA compliant can be expensive.

The Market Research and Consulting division of OConnor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Ft. Worth apartments, Austin apartments, and San Antonio apartments.

A Selection Of The Most Common Fire Risks In The Workplace And What You Can Do To Stop Them

Every day our fire inspectors visit a variety of businesses all across the country. We assess, for example; office blocks, factories, restaurants, and even zoos our clients and locations are extremely diverse. Although the businesses we work with often have nothing in common, they regularly have similar fire safety problems. In this article we are going to outline some of the most common problems and suggest what you can do to solve them.

Untrained staff
The majority of the companies we visit will have appointed a responsible person to be in charge of fire safety. Although this is highly advisable, as well as being required by law, we often find that companies who have a designated member of staff often dont maintain training on fire regulations and equipment. This individual is ultimately responsible for your personnel (and property), so constant awareness and training is key to overall safety.

Instead of placing the responsibility on one set of shoulders, we recommend that you should train every member of staff so they are fully prepared and know what to do should a fire ever break out. If your staff are sufficiently trained, they are more likely to pre-empt and spot potential fire risks around your premises; therefore reducing the risk of a fire.

Many HR professionals say that investing money in staff training helps to retain staff, as well as increasing motivation and productivity in the workplace. So by training your staff about fire safety you could not only help prevent a fire, it could also go some way in making your staff more motivated and efficient.

Storage
If your business contains a large stock of goods or materials, its really important that you have the necessary safety measures in place. A large number of businesses we visit assume that if they meet the relevant legal requirements, then their property and procedures are satisfactory. Although this is true to a certain extent, there are common problems that can be easily solved that will help to provide higher standards of safety.

We always recommend that your warehouse or storage area should be fitted with a sprinkler system regardless of how big or small it is. In the case of a fire, an effective sprinkler system can considerably reduce the amount of damage done to goods or materials, as well as ensuring your staff are safe at all times.

Its also really important that waste, flammable objects and chemicals arent building up in any part of your building. Waste such as paper and wood shavings presents a serious fire risk if it starts to collect. By simply cleaning your storage area on a regular basis will eliminate this risk.

If you own a large warehouse its really important that all your staff are aware of all the exit points so they can quickly and safely leave building in case of a fire. We also advise that you dont create any dead ends between storage units that are longer than 15 meters.

Inadequate fire equipment
Very often we talk to clients who feel they have the correct fire equipment already in place, even when they have an old fire extinguisher thats been collecting dust for countless years. Rather unsurprisingly, their extinguishers are either faulty or are even the wrong type of extinguisher for their premises in other words they are completely useless and unreliable.

There are strict laws on the type of fire extinguisher you are required to have depending on the potential risks at your premises. For example, if you have abundant electrical equipment you will need to have a C02 extinguisher, which means that if you have a standard water extinguisher the chances are using it will actually enhance the fire, not decrease it.

If you business accommodates a kitchen, you will need to be aware of the strict regulations relating to the different types of fire blankets available, as well as smoke alarms and extinguishers. Its really important that your fire safety equipment functions properly, meets industry standards and is replaced regularly.

The majority of fire risks we identify during our consultancy work can be solved fairly easily with your co-operation and understanding. Simple yet effective factors of moving rubbish and clearing fire exits can easily save lives. Its the small things that ultimately make the biggest difference.

We cant highlight enough how important it is to have the correct fire equipment occupying your commercial property. We strongly recommend that you get a fully qualified consultant to carry out a comprehensive audit of your premises to identify any areas that need to be improved, as well as staff training and awareness.

See our website for more information on how to improve fire safety at your workplace, as well as advice for arranging a consultancy meeting.

Lending And Loans For Small Apartments

There is the old question that comes up every now and then, –
Should I buy that studio apartment?

They are usually marketed with a very attractive rental return however thats sometimes where the good news ends.

Here is some of the noise that surrounds them-: They wont lend against small inner-city studio apartments, You wont get approval if the floor size is less than 50 sqm, Student apartments are not an option, Some lenders wont lend for apartments in large complexes, Hotel or motel conversions are no good, The location of the unit within the complex is important

While being just noise some of these points are somewhat valid.

The recent credit crisis has put the brakes on a lot of lending overall and small apartments have not been shielded from this

The biggest hurdle is usually lenders mortgage insurance (LMI).

They are the ones imposing all the restrictions that are passed onto the bank.
If you require LMI this is where the hard work starts

Hurdles:

Title. Strata/stratum title is normally acceptable, as are group titles. Mortgage insurers arent usually afraid of company title and will lend, though they may lower their LVR.

Size: While this might not be important to the lender, you can expect the mortgage insurer to have minimum limits on the floor space. Always aim to avoid any apartments with a floor space of less than 50 sqm. It must be 50 sqm of actual living area (not balconies and car space etc). In special cases this may be stretched down to 40 sqm but the property would have to be in a blue-chip capital city area. The Bank may not impose a floor-space limit but notes that LMI might fail the application for that very reason.

Location in the development/complex. One important factor may be whether its in a good location in the development or if its at the dark shaded noisy rear corner of the complex.

Changing from commercial or industrial to residential. Hotel conversions, holiday lettings and serviced apartments (commercial) lettings rather than residential units fall under completely different lending requirements (possibly commercial). So if they are being converted you may not get finance until the conversion is complete providing it meets all councils ordinances and general lenders requirements, most lenders will proceed but there may be a reduced LVR or restrictions on LMI. The biggest reason is youre reliant upon the performance of the management company looking after the apartments.

Number of apartments in a development: There might be a limit on the number of apartments within the one development that you can put up for mortgage insurance.

The bank may limit lending on six apartments in any one development or limit lending for no more than 25 per cent of a development

Do you want an investment apartment loan? Contact Us Here and let us help you out.

More Hoops?? You Are Kidding
Here are some extras hoops you may have to jump through for finance:

-More thorough valuation inspections and reports.

-A lower LVR (70 to 80 per cent max, though some, usually non-bank lenders, only go to 60 per cent) a higher deposit required.

-Reduced maximum mortgage amount.

-More expensive LMI if even available.

-Reduced consideration of the rental income to allow for longer vacancies.

-A call for additional or cross-collateral security(see earlier post here).

-Downright refusal of application at worst!

The fundamentals of real estate remain important, not necessarily the fact that theres a studio apartment. There are plenty of studio apartments that have doubled their value over 10 years. The unit my have great rental returns low vacancy and be located very well so a bit of hard work and research at the start may pay off long term!

So Where Now->

Will your apartment qualify for finance?