CategoriesCommercial Residential

What is commercial and residential property?

Residential and commercial properties have their differences, and it’s safe to say that they serve completely different audiences.

What makes a property residential?

A residential property is a building that is lived in and is a suitable space for dwelling purposes. They are specific buildings that are built and made to live in. Residential homes can be either for an individual dweller or a household; you have the choice to buy or rent a residential property.

When you purchase a residential property, you must pay stamp duty, which is a land tax on properties in the UK. There are certain homes which are exempt from stamp duty, including homes under £250,000, which includes our Dunton Court apartments. Properties above £250,000 fall within a tax bracket depending on the value of the property at the time of purchase.

What makes a property non-residential?

A non-residential property is essentially a building that is not suitable for everyday living. There are certain factors that determine whether a property is not suitable for human habitation.

In the UK, many people decide to purchase non-residential property as stamp duty rates differ and are often lower. However, these properties can only be used for non-residential activities such as running a business. You can change the purpose of a building from non-residential to residential, depending on the criteria.

Key Differences Between Residential and Commercial Properties

Purpose and Use:

Residential: Designed for living purposes, suitable for individuals or families.

Commercial: Intended for business activities such as offices, retail spaces, and industrial use. 

Ownership and Tenancy:

Residential: Often owned by individuals or families; can be rented out as single units.

Commercial: Typically owned by companies or investors; leased to businesses.

Financing and Investment:

Residential: Easier to finance through traditional mortgages; considered a lower-risk investment.

Commercial: May require more complex financing; potentially higher returns but with increased risk.

Regulations and Maintenance: 

Residential: Subject to different building codes and regulations focused on safety and habitability.

Commercial: Must adhere to regulations pertaining to business operations, health and safety, and accessibility.

Market Dynamics:

Residential: Influenced by factors like local housing demand, employment rates, and interest rates.

Commercial: Driven by economic conditions, business growth, and location desirability.

Click the below button to learn more about our available commercial and residential properties.


Reducing stress in your purchasing journey

According to a June 2022 survey by Zillow, 50% of homebuyers cried at least once during the home-buying process. Buying a home can be a stressful overwhelming experience and if you’re mid journey or just starting on your search reducing stress throughout the process will make your new home more enjoyable.

Is owning a home right for you?

Before your home search ensure that buying a home is the right decision for you. Take a look at your finances, calculate your affordability and look at your life timeline throughout the expectancy of your home-purchasing journey. 

Getting a wider look will help you be prepared for the journey ahead as well as make stepping through the front door more enjoyable.

Financial Discipline 

Owning a home is one of the biggest purchases you might ever make. Ensuring you have financial discipline as well as a steady income, low debt and a good credit score can make that journey a lot smoother. 

Your finances are a huge part of securing a mortgage, getting an offer accepted and finally moving into your dream home.

Getting things in order

Payslips, bank statements and written statements are all needed during your mortgage and house search. During your mortgage approval, your lender will ask for bank statements as well as proof of income and any savings to ensure that the transaction is as legitimate as possible. 

If you’re self-employed you’ll need to provide tax returns and proof of invoices. Making sure you have access to or prepared these documents will save hours in your home-buying process.

Prioritise your needs

Unrealistic expectations may be a big issue for some when looking for a home. 7 bedrooms in a picturesque Essex town will set you back millions so make sure your budget aligns to your new home goals.

Asking Questions

If you’re unsure about anything in any part of your buying process make sure to ask questions and get some reassurance. There’s nothing worse than putting your life savings into a process you don’t understand and putting your hard work into the hands of uncertainty. 

It may be helpful to jot down any questions or concerns you may have before appointments to ensure you get the answers you’re looking for. 


The First-Home Owner Scheme In Detail

What are the criteria?

The first-homes scheme allows those who are purchasing their first property a discount of around 30% to 50% on the asking price. The home must be the buyer only or the main residence.

The home must be either a new home built by a developer or a home you buy through an estate agent which someone else bought through the scheme. 

You can apply for the scheme if you are purchasing as a sole buyer or a joint buyer. Below are the criteria you must meet to qualify for the first home scheme:

You must:

  • Be 18 or older
  • Be a first-time buyer
  • Be able to get a mortgage for at least half the price of the home
  • Not earn more than £80,000 a year before tax (£90,000 if the property is in London)

If you’re buying with others:

  • You must all be first-time buyers
  • You must apply together, even if the mortgage is not in all of your names
  • Your joint income (earned in the previous year before tax) cannot be more than £80,000 a year before tax (£90,000 if the property is in London)

Each council may have different criteria and may prioritise the scheme for those who are key workers, local residents, those on a lower income or applicants who are in the armed forces.

How does the scheme work?

To find a home that is part of the scheme look for properties in your area that are advertised by developers or estate agents through the First Home Scheme.

Developers offer these homes to first-time buyers with a discount of at least 30% of the asking price. And unlike shared ownership properties there is no rent to pay.

Each home that is sold is valued by an independent surveyor to ensure that the discount is based on the local market value and that the price is fair.

New-built homes that are part of the scheme cannot cost more than £250,000 (or more than £420,000 if the property is in London) after the discount is applied. The local council have the right to lower the maximum price.

Properties can be decorated and improved but if you wish to let or sell the property you will need to follow the first Home scheme rules.

How can I apply?

To apply for this first-homes scheme you must first contact the developer or estate agent and inform them you want to buy a property through the scheme. This includes George Martin.

They’ll check you meet the criteria and will help you to complete the application. The developer or estate agent will submit the form on your behalf to the local council.

Some developers and estate agents may need you to pay a reservation fee if the property you want to buy is a new build. You’ll get the fee back if your application is unsuccessful.

The developer or agent can offer incentives such as free goods or cash back which can be no more than 5% of the discounted purchase price.

Click the link below to apply for our of our residential properties.

Get in touch


01268 919940




Contact Us

George Martin Limited 
West Mayne
SS15 6RW

Follow our social media channels for tips, advice and to learn more about our projects!

George Martin Limited is a member of MJT Securities Limited

George Martin Limited 2023
Registered office: Service House, West Mayne, Basildon, Essex SS15 6RW. A member of MJT Securities Ltd.
Registered No: 00734543 | Privacy Policy