14 Jun How to Convert Residential Property to Commercial

Converting a residential property into a commercial one can be a great investment, but it requires careful planning and understanding of various laws, regulations, and the impact on the greater community.

Here are some things to consider to navigate this process. practical advice to help you navigate the process smoothly.

Assessing Your Property

Before you start changing things, evaluate the property’s condition, location, and potential renovation costs. Assess if it meets commercial standards and building regulations. For example, if it’s in a high-traffic area, a property might be ideal for a small shop or café. But it might also require significant modifications to meet commercial accessibility standards. Think about how changing the property from residential to commercial will help the neighborhood and what it means for making the area a better place to live or work.

Research Local Zoning Laws and Regulations

Make sure you know the rules about what you can do with your property in your area. These local zoning laws and regulations may prevent you from converting your property from residential to commercial use. You typically have to get permission from the city to do this and that usually requires providing them with detailed plans and attending city planning meetings. Your property has to meet certain rules and standards to ensure it complies with commercial standards and building codes. For example, if you want to turn a house into a store, you need to make sure it’s safe from fires, easy to access, meets ADA regulations, and doesn’t have any structural issues.

Engage with the Community

Community engagement is an important part of making your project work. You may want to tell your neighbors and everyone around you about your plans through public notices and community meetings. When you go to city council meetings, you can explain what you want to do and address any concerns people might have. If you get to know the people who live nearby, this will significantly ease the process and garner support for your project. For instance, if you show how your new business will create jobs or provide needed services, it could help win community approval. 

Converting Residential Property to Commercial

Working with professionals, especially real estate lawyers and commercial brokers, is highly recommended. They have the knowledge on buildings and zoning regulations and can help you understand them. Often they have already assisted other clients in navigating the same process. A sophisticated and knowledgeable attorney will help you stay on the right side of the legal regulations, and an expert commercial broker can help you navigate the rezoning process and assist in finding a tenant for your new commercial space.

Whether you’re buying or selling a property, working with a broker can provide insight to help you transition into owning and investing in commercial real estate. 

A skilled broker uses their expertise to secure the highest price and greatest benefits for clients. ELIFIN® brokers specialize in specific property types and are supported by an in-house research team that tracks every commercial real estate sale in Columbus, Ohio, and beyond.