There are a lot of things to consider when renovating a property, however, renovating commercial into residential is a little different compared to fixing up an old residential property.
Obviously, you will have to make some structural changes, however, it is important to consider aesthetics and functionality, since you want to be competitive in a strong rental market or you want to be able to sell the property with the maximum amount of profit. You also want to be able to attract quality tenants with high lease rates or pre-approved buyers with no closing issues.
You may assume that rushing the renovations is a good idea so that you can cut costs and rent as soon as possible, however, if the work is not done thoughtfully and correctly, then future expenses will be significantly higher. Talk, in depth, to a professional like Amin Vali from Amin Vali Real Estate Investment about the time-line expectations and the benefits of not rushing renovation projects.
Many commercial properties may have one-of-a-kind features and design aesthetics that can increase the property value or give it a competitive edge in the rental market. Keep this in mind when renovating and take advantage of features and amenities that already exist in the property.
Health and safety are very important, whether you plan to sell or rent, keeping future buyers or tenants safe will not only keep your conscience clear it will also keep your reputation as an investor and develop intact. Amin Vali Consulting Group can help you find the right resources and professionals in or keep standards high at reasonably costs.
Keep in mind that commercial properties are created for different purposes compared to residential properties. When converting a property, taking natural light, space divisions, room flow and daily living convenience into consideration is important. You are investing time and money into something that is meant to provide income/profits for you, the more thought and effort you put in initially the more rewards you will reap down the line.
Amin Vali
Civil Engineer, MBA, Real Estate Agent
Amin Vali Real Estate Inc.
Persian Realtor,Persian Real Estate,
Cell phone: +1 (949)220-1000
Phone : +1(310)300-0011
Web : http://www.aminvali.com
Web: http://www.persianinvest.com
E-mail : amin@aminvali.com
Realtor in Zutila Inc.
DRE#02104474
Real Estate Investment 