The latest buzzword in the real estate industry is the term Mixed-Use. Due to a downturn in the housing market industry due to various reasons, there is a shift of focus among consumer choices regarding the features they expect in a housing facility. Instead of the primary residential spaces, the customers are looking at properties which can have a mix of features like retail and office spaces along with residential. Property developers like Marina One have caught up and forayed into developing mixed-use properties.
www.zillow.com experts are of the opinion that developers need to choose the tenants that are fit for the neighborhood carefully. Below you can find some of the advantages and disadvantages of a mixed-use development project
Living and working in the same place: Time is the most important in everyone’s life. People want to spend as less time as possible commuting to work from home or to run errands. People want to spend their time and hard earned money in useful ways, mixed-use properties address this need very efficiently by making spaces where offices can be set up as well as super markets along with homes all in one place or close to each other.
Transport Considerations: Mixed-use projects are mostly done in urban areas where developers can take advantage of the transit. It is a two-way street, commuter rail or bus facilities are planned around mixed-use projects and vice-versa. With the issue of transport taken care of it attracts people, especially the millennials to your work organization who are environmentally conscious as well as time conscious.
Attracting the Millennials: Companies looking to hire the Millennials is finding it challenging as the new generation expects the work environment to be different and exciting. Setting up your organization in the mixed-use environment can be a big attraction as getting to work in a non-typical work environment.
Convenience for your family: Mixed-use developments offers a lot of convenience to your family. You can come home and enjoy a spa which is in walking distance to your house. Have a supermarket to fulfill all your grocery needs, lots of eateries to grab a quick bite or have romantic dinners in restaurants.
Useful for expats: It is advantages for expats who do not know their way around the city.
Lack of privacy: Mixed-use home is not for people who prefer quiet. You can expect the place to be noisy as the retail shops and other establishments attract a crowd. Though there will be a separate entry and exit point for residents, you can still expect people to get confused and stray into residential spaces.
Cost more: The price of a mixed-use home is costlier than a regular condo, it is a price you pay for having all the necessary amenities close by to your residence.
The problem of parking space: Depending on how efficiently parking is managed you can expect some problems regarding this. Depending on how much space is allocated for residential parking as well as parking for shoppers and offices parking woes exist.