In 2020, commercial real estate investors need to think of creative and resilient ways to keep their properties’ value high. One of the types of commercial properties that has had the most challenges is office buildings. Many companies are realizing that they can skip the monthly rent and work from home just as well. While there is value to working in an office, you as an investor may have to improvise. Converting commercial properties to residential ones is one possible idea.
Know the Zoning Laws
Before doing anything else, one should study the area’s zoning laws. If you are looking to convert commercial properties to residential, the officials will need to redraw the map to show your spot as a different zone. In other words, they will need to approve its change from an office zone to a residential one. Knowing the laws will save you much time in getting approval.
Consider the Exterior
For any given property you consider transforming, you will want to consider not only the building itself, but also its immediate surroundings. Is it easy to enter and exit the property? Does it have privacy? Will it compromise the surrounding zones? Your multi-family complex should complement its community.
Talk with Neighbors
For an even better judgment on your idea, talk with the neighbors and get their thoughts on how the apartment conversion might affect the local community and businesses. It is better to discuss any objections now than to get protests during your application process.
Apply for Rezoning
You will next need to apply for rezoning, the approval from the officials to change the zoning map. The application is as simple as filling out some paperwork and paying a fee. Preparing for the financial commitment and studying the zoning laws will make this a smooth process.
Review and Get Approval
After you apply, you will need to adjust your rezoning plan if needed and get approval from various groups, including the local citizens and the local legislative body. It takes a village to rezone a property!
At last, you can begin converting the commercial property to residential. Take your time to create a well-thought-through masterpiece that tenants will flock to live in. Remember, your ultimate goal is to create a welcoming multi-family building that you can rent out.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.