I want to buy a property which is commercial but want to convert it to residential. What things do i need to do and what kind of cost approx are involved?
commercial to residential
- Thread starter sully872000
- Start date
Nothing like enough info to offer even a glimmer of decent advice.
D
Doggit
You're right, so here goes.
You'd need to get change of use, planning permission, and the builders in to give you some costs. You need a friendly estate agent that can advise you on what a comercial property would be worth when converted, and then you see if all the figures balance out. It may be a freehold property, or it may be a shop, in which case it'll be on a lease, so there might be extra conveyancing costs to re-register the property. As the previous posts have suggested, this is far too vauge a proposition for us to help you with,except in very general terms. Having said that, I just sold an old launderette that had 2 1 bed flats above it. No idea what it costs to convert it, but I sold it for £43K, and when converted into a 3 bed maisonette, it was up for £125K, but the market had suddenly jumped, so not a true conversion rise. I'd estimated the costs at about £35K to convert, so it's possible to do it if you can get the right property, in the right area.
You'd need to get change of use, planning permission, and the builders in to give you some costs. You need a friendly estate agent that can advise you on what a comercial property would be worth when converted, and then you see if all the figures balance out. It may be a freehold property, or it may be a shop, in which case it'll be on a lease, so there might be extra conveyancing costs to re-register the property. As the previous posts have suggested, this is far too vauge a proposition for us to help you with,except in very general terms. Having said that, I just sold an old launderette that had 2 1 bed flats above it. No idea what it costs to convert it, but I sold it for £43K, and when converted into a 3 bed maisonette, it was up for £125K, but the market had suddenly jumped, so not a true conversion rise. I'd estimated the costs at about £35K to convert, so it's possible to do it if you can get the right property, in the right area.
H
Hot&Cold
Not a lot of information
Every project will be different but i budget around £3k for legal work to get to the planning application stage (if you get that far,there are often a few high hurdles to clear) again it depends on the property but you need a property solicitor to hold your hand and take your money.
DIYnot Local
Staff member
If you need to find a tradesperson to get your job done, please try our local search below, or if you are doing it yourself you can find suppliers local to you.
Select the supplier or trade you require, enter your location to begin your search.
Are you a trade or supplier? You can create your listing free at DIYnot Local
