In the wake of the economic slump over the last few years it is now the case that there is an abundance of commercial properties that are empty. A few buyers looking for residential properties profit from this opportunity by purchasing commercial properties and then turning it into a residence. The major benefit of this strategy is that the buyers are able to get a bargain because prices are often lower than residential new constructions due to the high demand in the commercial market. But prior to you head out to start bidding for the next warehouse, there are some factors to be aware of in order to help you determine if it’s the best option for you.
Additional charges
Making changes to an existing structure might appear straightforward and therefore relatively inexpensive option but there are many extra costs that you may not have thought about. One of the biggest is the cost of labor that requires skilled workers who are often required to perform the task to be in compliance with the residential standards. It could also be that the house is subject to further construction requirements, like Part L regulations, relating to the preservation of power and fuel. If you add these extra expenses to the construction, it might be the case that the new construction is the most affordable alternative.
Access points
The most common issue with commercial properties is the fact that they are situated in towns with large centres. This means that there’s a problem in terms of parking and routes for traffic. You’d be extremely disappointed after making the ideal home, only to find that you’d have to stand for fifteen minutes in the traffic to get there because of an recently introduced one-way system. Also, parking restrictions could allow you to park in the closest spot you could park your car close to your house is only 15 minutes. This information should be verified with the local authority.
Also, keep in mind that certain properties may have shared entrances. It could be that the hallway is utilized to get into an apartment that is over your home. It is possible to inquire with the proprietor of the building. It is definitely worth considering if you plan to create any inside chances to the structure.
External work
New legislation recently approved by the government will make it easier to transform commercial buildings into homes, it is crucial to keep in mind that this is only applicable to the inside of the house. If you’re planning on expanding or renovating the shopfront, you’ll typically have to seek regular permission for planning. Additionally, if you want to transform commercial properties in the market area or city, it could be that the facade of the building needs to be maintained to appear similar to those in the vicinity because of an agreement. This can impact the price of the project if particular items are required for the project.
For more information on commercial to residential conversion, visit Element Finance.
Surrounding area
There are many advantages for being located near an area typically commercial, for instance, being in close proximity to retail stores and transportation networks. There are however some disadvantages to be taken into consideration, like whether there’s an elementary school nearby and the level of noise is likely to be a problem in the event that the house is close to bars, clubs, pubs bars, takeaway stores or other establishments. If there are homes for sale You may want to knock on some doors and inquire about how the residents feel about living in the vicinity.
The waiting game
If you’ve weighed all the factors mentioned together and you are still convinced that the conversion of a commercial building is the best choice for you, you must take into account one more consideration to consider: the time available. A lot of local authorities have put implemented a policy that states they’ll only be able to change the purpose of a property from residential to commercial in the event that the owner can show that there is no market for it in its current condition. To satisfy local authorities’ criteria for a property to be listed, it has to be available for sale for at minimum 6 months, and some require for as long as 12 months. If you’ve got your sights set on a corner shop you’d like to transform and sell, it’s possible that you’ll need to waiting period before the owner will even even consider your suggestion. It’s not the best option if you’re looking to move quickly into your new house!