Mixed-use development is a new concept in the real estate industry that integrates residential and commercial use on the same space/piece of land.
With the shrinking pieces of land due to the growing population globally, investors have been looking at ways in which they can maximize the available piece of land – by creating space where people can not only live but also play, work, and get their entertainment and lifestyle needs under one roof/neighborhood.
If you are the kind of person looking at investing in real estate, mixed-use development is a concept you need to consider trying out and be sure you won’t regret it.
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Call: +254 721-554-937The concept is already gaining popularity and has been successfully tried out in Nairobi in popular investments such as Two-Rivers Mall, Garden City, and Ciata Tatu City – all of which offer among others eateries, banks, retail shops, and medical facilities under one roof.
What are the benefits of mixed-use development? You may be asking;
To mention but just a few, here are some of the benefits you will get by embracing this new concept;
1. It provides several income streams which are likely to translate into your venture being more profitable.
2. By having a variety of tenants under one roof, you (as an investor) will reduce the amount of risk
3. High demand for the property because of the high number of people having access to services provided by this model.
4. Provides spaces in one location where people can live, work, and play
5. This model attracts higher quality tenants and leads to few vacant spaces due to better management.
6. Easy to build a community because the development is in a shared space.
5. This model attracts higher quality tenants and leads to few vacant spaces due to better management.
6. Easy to build a community because the development is in a shared space.
Despite the above-listed benefits, the mixed-use development also has its own disadvantages which include;
- Need for a longer planning period
- Some locations might not be ideal for this model
- Privacy for residents might be an issue
- A lot of noise and congestion in the mixed-use development because of a variety of activities.
- If setting up a new location, getting financing might take time.
Having understood the cons and pros of this model, the other question someone might be asking will be – how do I invest in mixed-use development?
If interested in this kind of investment, the first thing you need to do find the right location and financing plan for the project.
It will also be helpful for you to take time and learn about the area you want to invest in – looking at the dynamics in its demographics, studying the market as well as ensuring you understand the end-user.
For the success of this model, you will need to focus on how to integrate both flexibility and affordability.
Lastly, take a keen look at the project cost for all the processes and ensure there is an effective budget and also consider cost management.
- Need for a longer planning period
- Some locations might not be ideal for this model
- Privacy for residents might be an issue
- A lot of noise and congestion in the mixed-use development because of a variety of activities.
- If setting up a new location, getting financing might take time.
Having understood the cons and pros of this model, the other question someone might be asking will be – how do I invest in mixed-use development?
If interested in this kind of investment, the first thing you need to do find the right location and financing plan for the project.
It will also be helpful for you to take time and learn about the area you want to invest in – looking at the dynamics in its demographics, studying the market as well as ensuring you understand the end-user.
For the success of this model, you will need to focus on how to integrate both flexibility and affordability.
Lastly, take a keen look at the project cost for all the processes and ensure there is an effective budget and also consider cost management.
If you're buying an already build house, engineers will be key in inspecting it to see if there are any defects that might in the future force you to incur unnecessary costs.
Baoriat Agencies is committed to helping you find the best place for you to settle in Eldoret town. We walk you through the entire process of acquiring your own property in Eldoret until it has been transferred into your hands.
To learn more about buying a property in Eldoret,
Call 0721-554937
WhatsApp https://wa.me/0721-554937
Email evekibet@gmail.com or
Visit us at Juma Hajee Building room number 16, Eldoret town
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