Imagine waking up every workday morning and doing the usual run around routine of getting ready, eating breakfast, wrangling the kiddos and walking the dog, but then, just as you head for the front door to start your commute to work, you realize that you need to look no further than your front room to begin meeting with clients. This is the reality of those who have taken part in the trend of buying live-work condo spaces. Such individuals have found the key to work-life balance and it rests in their front door both literally and figuratively.
So could a live-work condo purchase be in the cards for you? If you like a zero minute commute and the luxury of paying literally no rent for your office space, then this just might be the type of real estate investment for you. Live-work condo spaces are a popular option these days and you can thank rising real estate prices and the ever-increasing land value of city centers throughout the GTA.
Most live-work condo owners work for themselves and they are often in client-centered fields such as graphic design, accounting or consulting. They are also most often business owners who need a business space of sorts in a busy city center. So if you are a tech savvy entrepreneur who services clients in the Toronto area then a live-work condo could be just right for you.
Speaking of Toronto, there are some areas of the city that see the highest levels of live-work condos. In fact, in Toronto there are some condo buildings that have been created with this very purpose in mind, whether they are new-builds or reclaimed industrial buildings. Such condo spaces are actually zoned as live-work areas and can be found in Toronto in and around the Garment Factory, near Dundas St. and Carlaw Ave. in the east end, and in trendy King St. West.
Some of the coolest live-work spaces in city centers are found in old industrial buildings that have been converted. These buildings are chock-full of character and often offer a sense of grandeur. In a live-work condo space in a reclaimed industrial building you can usually expect hardwood floors, industrial height ceilings and original windows that are giant in both scope and style.
So is a live-work space really for you? Here is a list of great questions to ask yourself before you buy a live-work condo space:
- Are you disciplined enough to keep your live-work condo space tidy for clients?
- Can you separate work from pleasure and make sure you stay on business tasks?
- Are you in touch with your inner workaholic? Can you make yourself stop working at the end of a day if your business is where you live?
- Do you mind sharing your building with non-residents on a regular basis as most live-work spaces are zoned for business and your neighbors’ clients will be around regularly too?
- Will you need more space for personal or business use in the future?
