You can convert your commercial units into a home. However, you have aspects you must settle before that happens. This article will help you understand the process you have to go through if you plan to convert your property. It is best to know these details to prevent issues in the future. Besides, you will face restrictions that can hinder you from pushing the conversion.
You will face legal problems if you do not follow the right procedures. For this reason, it is best to know all the details before making any actions. In this case, it is best to have a lawyer working with you to ensure that you will not miss any of these legal factors.
Guide in Converting from Commercial to Residential
You cannot decide by yourself if you want to convert the property, such as commercial to residential. In this case, you have to confirm a few things before making any changes. Otherwise, you will have problems with your property. Here is a simple guide to help you with your property transition:
Check your property if it’s an exception.
Many owners decide to convert their commercial buildings into a home. It is possible only if it does not fall under the set of exceptions. In this case, you have to check if your building does not belong to any of these:
- It is within conservation areas or national parks.
- Your building is within areas of natural beauty or scientific interest.
- It is one of the listed buildings.
- You cannot convert a building into a home also if it is within safety hazard areas or military explosive zones.
Given these points, it is best to confirm all of these before deciding to buy any property. It is best to find the right property in the first place. Besides, the building will require planning permission before you can convert it. That is why you have to know all the rules before changing anything in your building.
Apply for planning permission.
Your local council has to approve your conversion before it can start. Aside from that, it has to be 150 square meters or smaller. Moreover, you will also need this if you will change anything from the building’s exterior or will have an extension. You will also need to have this permit if you plan to alter any window or change doorways.
They will release a permit depending on what changes you will make in the building. In this case, you have to secure it before you start any activity. You will be facing a planning breach if you will begin the work without this permit. As a result, you will have future legal charges and financial issues.
Work out your budget and arrange your finances.
You will need a budget if you plan to convert your property. The process will need funds to proceed with the work. Given this point, you have to ensure that you have enough budget to support the conversion project. Aside from that, you have to manage your finances to fund the conversion. You can ask lenders to help you secure the money you need for this project.
Your changes will depend on the purpose of conversion. You can either rent it out to tenants or be the one to live in it. In this case, list down all the things you will change, such as roof replacement or installation and ceiling upgrades. You have to ensure that the changes involved will make the property ready to live in for you or your potential tenants.
Aside from that, you have to secure health and safety. Commercial property has a different structure than a house. For this reason, it is best to work with a provider who knows what to do to achieve a successful conversion. This conversion can even make the property increase its value.
The Benefits of Conversion
You can gain advantages from this project. Here are the benefits you can avail from converting a commercial building into a residential unit:
- You can make the price of the property competitive. Adding value to the building can make a good profit if you plan to sell it in the future.
- The position of the property is an advantage. In effect, more future buyers or tenants will look into it.
- You can decrease the tax you pay through this project. Taxes for residential units are lower than commercial properties.
- It is like a blank canvass, making you apply fresh ideas during your renovation.
- You can also save on the costs of building a new one.
You can have these benefits only if you manage to secure all the requirements for the conversion. It is better to settle them first than face various issues in the future.