Many residential properties are being marketed with the promise that residents can “live, work and play” beat one place. They often appear as if residential, but are usually called “serviced apartments”. Now, there are newer commercial property concepts, which can be misunderstood as being almost like serviced apartments. These may have residential features like bedroom space, bathroom, and pantry but also are suitable as office space.
While these properties are attractive to potential homeowners, there are important differences between residential and serviced apartments and even SOFOs, and it pays to remember them.
Wait…isn’t a “serviced apartment”
just another sort of residential or apartment?
Well…no.
“Serviced apartments” are
commercial units, fully-furnished. They are usually rented out for short-term
or future to tourists, business travelers, or ex-pats. On the opposite hand,
residential are private properties meant to be occupied by homeowners or
long-term tenants. However, the lines are often blurred between the 2 sorts of
properties lately.
HERE ARE
4 KEY DIFFERENCES YOU WOULD LIKE TO THINK ABOUT BEFORE SIGNING ON THE LINE -
1. You
pay different utility charges - Due to their land status, serviced apartments are
charged commercial rates for utilities, which are much above residential rates.
Deposits collected by utility companies also are higher. Some developers do
attempt to work around this by negotiating with utility companies for lower
rates. They will or might not achieve success, so it pays to verify this with
the developer.
2. You
pay tax -
Tax rates for serviced apartments are calculated at commercial rates, much
above condos. Some developers attempt to get lower rates by finding some
loopholes in zoning laws to reclassify the apartments. But again, they will or
might not achieve doing so, so do check and confirm.
3. You
will be living in several environments - Residential is designed for
privacy, and security controls the flow of unknown persons into the property.
Most serviced apartments are
attached to a mall or retail shops. You have got no control over the sort of
companies there and therefore the flow of non-residents within the area. But if
you wish the thought of convenience, where you reside upstairs and may hop into
the lift to travel downstairs for dinner or a movie, this is often an excellent
plus point.
4. You
will have different population densities - Residential developments are
built supported units or population per land size. However, commercial
developments are supported plot ratio, which is the total built-up area per
land size. This affects the number of neighbors you will have.
If living within the midst of an event commercial area is your thing (and you are comfortable with the upper bills or possible issues with red tape), then a serviced apartment might be right for you. But if you would like a more private residential area, and lower bills, then perhaps a condo would be better. Whether you are looking at renting a condo or want the advantages of a serviced apartment, remember to think about your needs and budget carefully before making a choice. So, just make a call to Service Apartments Jaipur: 9015080080 and book your service apartment online. We provide safe and secure services.
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