Commercial properties are currently being converted into residential properties, and the trend seems set to continue for the foreseeable future. Property owners realise that the sudden downturn in commercial space rentals due to many different considerations is quite alarming, leading to lower revenue. While some of the factors may be beyond our control, it still is worth mentioning that idle spaces don’t do their owners any good.
With commercial spaces typically found in prime locations, their owners must have realised that it would be better to convert them into residential areas as they can charge a premium. Of course, they would have to hire reputable and experienced demolition contractors to transform the spaces properly, but the benefits will generally outweigh the cons.
If you’re thinking of converting your unused commercial space into a more profitable residential property, finding specialists like abruss.co.uk for assistance and guidance is paramount. With their expertise and years of experience in the field, you will have the results exactly as you want. They know what they’re doing and have the know-how to overcome obstacles you or the designer may not have foreseen.
Here are some of the benefits of converting your commercial property into a residential space.
Better location means better profit margins
Typically, commercial properties are situated in prime locations, providing better access and services. Converting the spaces into residential properties will not only help meet the increasing demand for better housing locations, but it will also mean better profits for the owners. They can collect a premium on rent because of the better access it provides the renters and buyers to services and amenities that make their lives easier.
Lower tax rates
Local government units normally impose a lower tax on residential properties as they’re based on their market value. Meanwhile, commercial property taxes are higher because they’re computed differently. You arrive at the tax duties by adding the assessed property value to the prevailing tax rate. While you can rent out a converted property, you may still have to pay commercial tax if your local office learns of the transactions. It may be better to sell the unit and generate a higher income because of the prime location.
Great design opportunity
While you can easily have the contractor knock down the walls, converting the space will provide you with an opportunity to start fresh with a better design perspective. Turning it into a studio-style residential space will also allow your buyers and renters to express themselves artistically as they can add and subtract elements they need accordingly. Also, with the existing design elements, you can offer potential clients something distinctive that can help them elevate their space.
Environmentally-friendly alternative
Rather than demolish the structure, you can help care for the environment by simply converting the space. There will be less wastage of resources, and you wouldn’t contribute to the trash in the dumps.
Takeaway
The recent turn in the market has seen the trend of converting commercial spaces into residential properties. As a result, property owners and their clientele stand to benefit from such a trend.