Corona will definitely change the commercial real estate market and possibly increase the number of flats

13. 12. 2020

Current times are forcing us into big changes, even in the field of real estate. After the emergency state, many employees will continue in home office mode. Businesses and entrepreneurs save on renting offices and conference spaces, instead they can help equip employees' offices in their homes. But how to deal with commercial real estate that will no longer be used, and how to adapt buildings for a new way of life for their users? In the right area, commercial real estate can be the perfect candidate for luxury residential housing!

When can a property be converted into a residential property?
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Your commercial property can be converted to residential if permitted by land and housing laws. Residential and commercial areas are strictly defined by the regional authority, so it is necessary to check whether you can change the purpose of your property at all.
Residential and commercial purposes are completely different and each has different structural requirements. Meeting residential requirements will therefore be a question of not only your capabilities but also the zoning plan requirements. Neighbors who may not want a new building can also be a risk, so first think about the transformation and do your research!

Renovation costs
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When planning the transformation of commercial space into a residential one, take into account all the costs associated with the transformation. In all probability, such an extensive reconstruction will not be possible without architects, designers and other professionals from the field. Another factor is definitely the quality of the building and its foundation.For your target group, the residence will have to meet high standards of living and especially the safety of the building itself. The investment must also factor in the months in which the redesign will take place and the time without profit during the process of acquiring paperwork and the permits with relevant authorities. The total investment needs to be ready at the beginning of the project, it is not possible to start saving on materials during the reconstruction. everything needs to be calculated exactly!

Aim and purpose of the residence
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It is very important to think about the goal and purpose of your residence. Will apartments be available for rent or sale? What is your target group, are they families with children or business couples? According to your target group, you can then plan individual apartments, their equipment and the use of suitable materials. The added value for your target group will certainly be the above-standard services of your residence, which will help distinguish your property from others on the market.

Surroundings of the property and civic amenities
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The main benefit for residential housing are civic amenities and the overall surroundings of the building. An important role is played by the attractive location, good accessibility by public transport, parking in the area or garages in the building, school, kindergarten, shops, surgeries, veterinarian office and others. There are often bars, restaurants and other entertainment venues close to the residences.

"Our real estate agency":https://www.philip-frank.com/en/#contact has many years of experience in renting and selling residential real estate, so do not hesitate to contact us if you are considering the transformation of commercial real estate. Thanks to our partners, we will take care of everything you need, from finances to the design of the property itself and, of course, the sale or lease itself. Premium properties require above-standard care as do our clients and their residences.