Sometimes it makes sense to convert a residential property into a commercial property. That does not mean that it is an easy process though. There are many rules and regulations that need to be followed, but you do not have to worry too much about them too much when you have experienced Long Island, NY real estate litigation lawyers on your side.
What is the Process for Converting a Residential Property Into a Commercial Property?
It is perfectly legal to turn a residential property into a commercial one, but there are rules and regulations to follow. You cannot just say “This is a commercial property now” and begin running businesses out of it.
First, you have to remember that there are different zoning laws for different types of properties. Maybe your building was perfectly acceptable as a residential building, but the city or neighborhood does not want it to begin acting as a commercial structure.
So you do have to look into zoning laws and consider what the community may think. This means that you need to submit your plans, and then the city can pass along those plans to the public at city planning meetings. Locals get the chance to raise any concerns they might have about having a new commercial building in their midst. You will get the chance to tell your side of the story and let the community know how your new building could benefit them and the area.
What Should I Consider Before Turning a Residential Property Into a Commercial Property?
If you are going to turn your residential property into a commercial property, you should consider whether or not it will actually be beneficial for the surrounding community. If you can convincingly make that case, you have less of an uphill battle to deal with. What the community thinks can make a big difference here.
You should also take the time to sit in on city council or city planning meetings. These can tell you more about other plans that the city has for the area and whether or not they could interfere with your own plans.
Finally, you should have your building inspected for any issues. If it is not up to code and will need many repairs before being rezoned, your efforts might not be worthwhile.
Do I Need a Lawyer to Convert This Property?
Not necessarily, but you should consider how valuable our experience and knowledge could be during this process. If you want this job done right the first time, having a real estate lawyer on your side can be helpful. Our attorneys can also help you avoid any legal issues or excess fees. So even if you were considering doing this on your own, maybe you should at least take the time to visit with us for a consultation.
Contact Our Legal Team
If you have questions about converting a property or you need help with another commercial real estate issue, we are ready to assist you. Contact David A. Gallo & Associates, LLP and set up a meeting today. We would love to tell you more about how we can help you with any of your real estate transactions and needs.