The housing market has reached a fever pitch in 2021, with fewer homes available for sale and very high demand. Among those looking for residential property are commercial real estate investors. Perhaps you are one of them. Converting commercial real estate into residential is a common practice, but what about residential to commercial? Here are a few pointers concerning this approach.
Reasons to Convert Residential to Commercial
Common reasons to convert a building from residential to commercial include capitalizing on an area that already has a lot of commercial development or high traffic. Perhaps it is on a busy street corner or is dominated by booming commercial properties. Maybe you are an entrepreneur looking to set up your own office space or business.
What exactly is commercial real estate? It is any building designated for business operations. CRE has four categories: office, industrial, multi-family rental, and retail. If you believe that your community could benefit from any of these local amenities, you have a reason to convert a residential property to a commercial one.
There are many steps to rezoning a residential property, and part of it is getting the approval of the community and local government. You will need to talk with the community and the local government to know what the conditions are to see if your request to rezone is beneficial and desirable.
Talk with neighbors about your plans and get to know the typical traffic and noise concerns that already might exist. Go to local zoning board meetings to understand local concerns and talk with the local government. Once you can prove that your commercial addition will benefit the community and you will work towards mitigating any negative effects, you can submit your request.
You will also need to get permits and work with a reliable building inspector to evaluate the building’s condition and what changes would be necessary to create the environment you wish.
Working with an Experienced Commercial Development Consultant
Apart from zoning and renovating the building, you will need to find the building itself as well! Working with an experienced commercial development consultant can give you the peace of mind that you are on the right path and not missing any part of the process. If you are looking to do business in Frederick or Western Maryland, contact Clagett Enterprises!
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.