Developing Commercial Conversions, is it an investment to consider?
Due to the latest events and economic pressure, many commercial properties have been left vacant for a long time.
And in fact they can be a good investment opportunity if you convert them into residential properties.
But before starting the project, read on to understand the key points you should keep in mind.
Prices of commercial properties are usually lower.
Many would have been sitting on empty, costing the seller a small fortune in costs, and many will be keen for a quick sale.
Ask yourself what you need to do to turn commercial property into residential.
Do you need to obtain planning permission or use prior approval?
First check if there are any local government applications from previous intentions.
This will give you an idea of whether you can gain permission.
Is the commercial property in a location that would make a good residential area?
This will give you an idea of how the market will perform in that area.
Many commercial properties will be found in highly built up areas and town centres.
Will you be able to rent out or sell the property if there’s not enough parking for a family? Is it a good area for the type of tenants you want?
This is an essential point you need to consider when converting commercial property into residential.
Other than building costs and tax costs, there are also Part L Regulations you will need to consider. This is the regulations of the conversion of fuel to power for the property.
Other additional costs:
Many local authorities have a policy in place whereby if a seller does not believe that turning the property from commercial to residential will flourish then the property will need to stay in the market from between 6-12 months to satisfy the local authorities requirements and prove that there is a market for it.
Get a quote from our qualified and trusted tradespeople.
At AmbroWilks we are more than ready to carry out any home improvement or construction project, we combine years of experience to provide high quality all in one service.
We are based in Enfield and cover the whole Greater London area.
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