If you have found yourself owning unused residential property in a good location for a business, you might have an interest in converting it. To do this, you will need to complete several legal steps to change the personal home into commercial real estate.
While it is not impossible to do this, it does require some work. It also involves getting the approval of more than one person. If you are able to do it, as many people are, you will be well on your way to making an old home into something that can generate income.
To start, follow these five steps.
1. Figure Out Local Zoning Laws
The first thing you need to do is to start looking up local zoning maps. A great place to start is an online search. In order to change your property from a home into a business, you need to switch its zone. For example, main zoning categories include:
2. Involve the Community
After looking over zoning trends, the next step is to reach out to the community. This usually means meeting the neighbors and applicable associations as well as attending zoning and council meetings. Because you will need others’ input, it is important to make a good impression.
3. Collect Official Details
Next, you will need an official land description for your future commercial real estate. To get an idea of where to start, you can contact your local land commissioner for assistance. You can also find resources online to look up samples of similar descriptions.
4. Handle the Paperwork
One of the last things you need to do is take care of the necessary paperwork. In large part, this means filling out the right forms and submitting them to the correct people. If you run into questions, contacting a business attorney for assistance may be helpful.
5. Ask for a Final Review and Vote on Your Commercial Real Estate
After you have worked out your idea and submitted the paperwork, the final step is to request an official government review. Then, your community can vote on it. If you have taken measures to ensure you thoroughly cover everything in the first four steps, you can significantly increase your chances of success with this last one.
Although converting a former home into commercial property is not necessarily easy, there are many cases where it is not only possible but also profitable. Why not look more into it?