Buying an Office to Redevelop Into Residential Homes
Buying an office to convert it into residential properties is an excellent investment. This saves you from having to invest in costly fees that you would not necessarily need to if you had made the switch from a business location. It also gives your business a chance to expand into a larger space that you can lease out to tenants. However, there are some things you need to think about when going about purchasing an office for this purpose. For instance, make sure that you find an office that has ample parking for the residents so that they won’t have to pay for daily or monthly transportation expenses.
Think about the size of the office property as well. It should be large enough to accommodate any type of residence that you have now or will need in the near future. Consider the type of tenants that you will be getting as well. You wouldn’t want to buy an office to develop into residences for unprofessional tenants that will leave your property in a mess. If you need advice on possible Stamp Duty Refund, visit a site like Sentient, who can help with a Stamp Duty Refund.
Another thing to consider when buying an office to convert into residential properties is the potential rent that you will be paying each month. There is some property that can easily accommodate three to four units and beyond. This will give you a good foundation on which to build your rental income. Keep in mind that the more units you buy for a smaller amount per unit, the more money you will make each month. You want to put money away each month into a reserve to cover operational costs while you continue to earn a nice income from it.