Posted: Friday, 27 January 2012 @ 09:34
The current difficulties small businesses are having raising finance are well known. One idea that hasn't been discussed so far in the media is one possible solution - the live/work unit.
A live/work unit is a property that combines living space and business space under one roof. The crucial issue for small businesses, though, is that the cost of buying and running live/work units is much lower than the combined cost of buying and running a home and separate business premises.
Business owners currently needing to raise capital may like to consider whether selling their house; disposing of their business premises; and buying a live/work unit is the solution they are looking for.
The main issue is actually sourcing such units as they are few and far between.
Insight Park is a new development of 9 live work units near Southam in Warwickshire. As you can see from the CGI representations on the website, living in a live/work unit doesn't have to feel like living in a business park as these units have the feel of a cluster of barn conversions.
In the current economic climate the opportunity to base home and work in the same location is certainly an attractive one.
Steven Petty, Commercial Property Solicitor
This blog is not intended to constitute legal advice, nor is it intended to be a complete and authoritative statement of the law, and what we say might be out of date by the time you read it. You should always seek legal advice to confirm whether or how any information in this article applies to your particular situation. We offer a free telephone consultation
to discuss your particular circumstances.