Transform a commercial space into a home Important aspects before transforming a commercial premises into house.
Although it can sometimes be a challenge, there are certain benefits when a commercial space is transformed into a home. That is why we must take into account the following three aspects:
1. Beware of additional costs
Before you commit to the purchase of a commercial property, evaluate all financing options and the level of reforms in which the premises will be involved. The advice of an official property accountant who specializes in the real estate market and knows how this type of project works can also be important.
Calculate the cost of this conversion can be somewhat complicated because previously you have to take into account some aspects. It is important that you understand from the beginning what your project needs and that it complies with the necessary regulations. The vast majority of the problems that arise in a change of commercial premises to housing comes from not taking into account unexpected problems, such as a problem with the structure of the building.
2. Location is paramount
If you have in mind to create a family home, is it easy to access the center and the services offered by the city? Or, is it easy to find parking? Among other things.
Buyers often want comfort, so the distance and time spent to the nearest shopping area will always be a significant factor in the decision. Do an immediate study of the surroundings of the property: How far is the nearest store and supermarket? How much is the public transport stop of the house?
On the other hand, we must bear in mind whether the house is located in an industrial estate or close to it, pollution and noise, since these factors can seriously affect the value of the project to be developed and who will invest. There may also be other types of limitations, however, the local authority can advise on what you should do to have everything in order.
3. Know the market
Having a vision of current market trends is essential to ensure that your project produces the desired project. Having at least two different strategies, although three would be better, is very basic before starting the project.
Do you plan to sell the property once it is finished or will you have it as rental property for a longer term capital growth? In both cases, choosing the right price is as important as the conversion itself.
Knowing your market allows you to even approach specialized lenders to obtain funds. However, if you can not show how you will repay your loan, you simply will not have any chance with them. They want to know how much money you need, how long and when you will return the money, with the respective interest. They will also need to calculate numbers to see if the project is viable or not. Investigate and establish a good plan before buying a store that you will convert into a home.
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