Tips to Convert Residential Property for Commercial Purposes
It is not a simple task to convert the residential area to the commercial property. It involves various legal processes, and it is said to be tedious. There are lots of advantages when you convert residential to commercial property. You can save on the monthly rental bills, and do not have to spend extra money to purchase commercial space, operations or commuting.
Is your property is located in a commercial area? Do you have plans to start your business? Do you know any owner who has converted his or her residence to the commercial area? If you can answer yes to at least one of these questions, then it is the right decision to convert your property. No matter you need to start your own business, you can also give your property for rent and earn rental income from your property. It is one of the best businesses to earn a standard income. Here listing some of the key pointers, you need to check before starting the process.
First of all, you have to check whether the cooperative housing society and zoning laws allows for conversion. They need to agree and give permission. Most of the places, the law, allows to use twenty percentage of the residential property. It should not cause any disturbance to nearby houses like storage of goods or heavy movement of goods.
If you need to make changes in the structure, you have to start doing by discussing with other tenants. It is easy to use the area as offices for chartered accountants, dental clinics, lawyers, and other office based business tasks.