Aside from being profitable, land and properties are also flexible investments. You can develop your vacant lot or existing establishment to almost anything as long as you have sufficient funds. For instance, you can turn it into a commercial property to house your business or lease it out to other entrepreneurs; or you can also build your home on it and add it to your list of growing assets. Whether your property is at a critical location or somewhere hidden away from the city, you’ll find ways to make money off of it with the perfect business idea.
For example, suppose you have undeveloped land in the countryside. In that case, you can use it for farming and growing quality crops fit for the market, or if you are game to take on an actively managed venture, establishing a bed and breakfast that appeals to tourists is a great idea. Aside from the possibilities above, there’s another venture you can entertain if you’re up for extensive refurbishment projects that require creativity and involve funding.
Converting a commercial property into a residential one is a massive project, but one that can save you money, given that you won’t have to build from the ground and most properties already have existing facilities you can use. If this idea caught your eye, here are the things you need to consider:
Is It for Another Venture?
Most people flip commercial buildings into single-family homes, allowing them to live in the center of a business area. Oppositely, homes also are a growing choice amongst entrepreneurs as the location for a business, primarily restaurants.
Developing a suitable design would help if you thought about whether you want your property to generate income or be a place to experience a comfortable lifestyle. You can turn an old hotel into an apartment or a budget inn and a small restaurant into a studio flat. The possibilities are endless if you know what you want.
Check the Laws
Like building a house or an establishment for your shop, existing laws surround a commercial building converted into a residential one. You can use the money you have saved from building from scratch to get the necessary permits and apply for rezoning.
However, before shelling out money, you first need to research and educate yourself about the zoning laws to know if the local government allows building a residential property on a commercial strip and vice-versa. Scheduling a meeting with the planning department of your locality and with your potential neighbors is also a must and will help you arrive at a decision.
Look at Its Structure
Sometimes, original owners sell or turnover properties in a dilapidated state and in dire need of maintenance. You must know that taking on such properties comes with expensive and laborious renovation projects, plus you also have to redesign its floor plan to suit your needs.
During your refurbishments, it’s better to use commercial-grade materials to give your newly-bought property a new lease of life. You can use deck waterproofing products to protect them from harsh elements for your outdoor spaces. In addition, having an architect and an engineer by your side throughout the process will help ensure everything goes perfectly.
Check the Location
As discussed above, zoning laws matter since if you directly proceed to convert a property without knowing the ordinances, you’re likely to get into legal trouble. However, you also need to know your neighbors, aside from zoning laws, especially if you plan to turn a former business establishment into a home.
Usually, commercial buildings belong to a stretch lined with other stores and are in public areas, making the location high traffic and buzzing with cars. If you’re okay with the din and noise, then there’s no problem, but if you want a peaceful and quiet home life, it might be better to look for a place in residential towns.
What’re Your Numbers?
You can save money on construction by buying a property outfitted with facilities and relatively well-maintained. Still, other financial factors will come into the picture once you finally get into the conversion process. For instance, if you decide to purchase a former office building and turn it into a hostel, you’ll have to lay out a new floor plan and even employ contractors to remove old materials that will clash with your new blueprint.
With stripping the establishment of old materials, getting additional labor, and designing ideal interiors and exteriors, the cost of converting a building dedicated for trade into a comfortable housing business might result in almost as much as building it from the ground. Like other projects, the key relies on how you budget your numbers and how much of the building’s existing facilities you’re willing to reuse.
Plenty of work goes into renovating an establishment, but it can be fun considering how you’ll turn a formerly bustling business into a cozy home.