Live/work properties are those which allow you to legally either run a home-based business and have a home office (with a sign), or to use it as an office, retail store or a service shop.
Depending on the specific zoning and the strata bylaws associated with this piece of real estate, a number of uses are permitted which include but are not limited to:
- Physiotherapist Office
- Massage Therapy
- Dental Office
- Call Centre
- Retail Stores of any kind
- Design/Architecture Studio
- Photography Studio
- Consulting Firm
The flexibility offered by this type of property is very desirable. As an owner of a live/work condo, you don't have to commute to work. You can legally run your business from your home and reap cost saving benefits of such arrangement.
This type of property can have a commercial zoning and therefore the annual property taxes may be slightly higher than those on a residential zoning.
Although live/work is not suited to everyone, it is very beneficial in some cases. If this is an option for you, I strongly suggest considering all aspects of this flexible piece of real estate to purchase.