Tips for Converting a Commercial Property to a Residential One
Are you wondering if you can convert a commercial property to a residential one? Well, it is possible! People nowadays turn their shops, restaurants, or offices into residential homes or apartments. They see this kind of renovation project as a great investment strategy due to its prospect of producing much higher profit returns if they sell or set the property for lease.
However, before you embark on a conversion project, several factors to consider to ensure the project is successful. Here are some of them:
1. Find the Right Property
Most commercial to residential building conversions have excellent profit potential as long as the property to be transformed is in a prime location. Therefore, look for commercial buildings in desirable areas near amenities, schools, cafes, and markets. Also, consider the availability of transportation options in the place, like public transit and major roadways, and how they may impact the accessibility of the property.
2. Learn About Zoning Laws
Be sure to research the laws and regulations regarding zoning restrictions and uses in your area. Switching a property requires requesting a change of zone, and knowing the rules beforehand will save you much time getting approval.
Zoning laws regulate the types of uses allowed in different cities or towns. They are implemented to ensure that property is used in a way that is compatible with the surrounding areas.
3. Talk to Neighbors
Before proceeding with your conversion project, it is generally a good idea to talk to neighbors since they may also be affected by the change in the use of the property. Engage with them and tell them about your plan. Doing so allows you to address any concerns your neighbors may have so you can avoid encountering objections or disapproval during the application process.
4. Apply for Rezoning
Another essential thing to do when converting a commercial property for residential use is to change its zoning description. Once you’re done with the research and find the property fit for your purpose, it’s time to apply for rezoning.
The application process is simple and quick. You will only be required to complete paperwork from your local planning department. Then, depending on your location, you will pay fees that range from hundreds to thousands.
Get in Touch With the Professionals!
Ultimately, converting commercial property to residential is an excellent investment. It allows you to refurbish the building in the style you want without starting from scratch.
For more information about residential and commercial property development, housebuilding and construction, contact Treasure Valley Remodel and Restoration! Our professional contractors in Idaho can help you with everything from designing to managing the entire process.