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I know it's weird but that's always been my dream home if you will. I'd like to get a 2 or 3 story building, maybe 10K square feet and convert it into living space. With 3 floors, one could be a rental unit. The first floor could act as my office/fitness center/storage. I've always wanted a loft.
I'd love to do something like the above. Anyone have any experience with a project like this? Please share.
No experience but it is on my list also. Actually got pretty close to buying an 8,000 sq ft school. Contract accepted and preliminary approval from city to convert to multifamily. But couldn't find a bank to do financing even with me putting 50% down. The problem is with the appraisals these days.
OP, keep in mind that your local zoning may not allow you to convert a commercial building into a residential one without applying for a variance. It sounds like an interesting idea though.
OP, keep in mind that your local zoning may not allow you to convert a commercial building into a residential one without applying for a variance. It sounds like an interesting idea though.
Thanks for the info. Zoning is something, I've been looking into. I hear "so-so" stories from others that tried to do it.
After determining if zoning permits, I would hire an architect to help me design it and draw up the plans for a contractor, and get contractor bids for the work.
We have a lot of lofts in our downtown area that were once commercial buildings, some very old. Most if not all of them were gutted to the bare shell and re-built inside. The City made them bring everything up to current code, including fire sprinklers.
They all were very high dollar renovations. There was also an old elementary school that was converted to condos.
I guess a lot would depend on the age of the properties, the size of the project, and how easy your local building and zoning departments are to work with, and of course the size of your wallet.
We have a lot of lofts in our downtown area that were once commercial buildings, some very old. Most if not all of them were gutted to the bare shell and re-built inside. The City made them bring everything up to current code, including fire sprinklers.
They all were very high dollar renovations. There was also an old elementary school that was converted to condos.
I guess a lot would depend on the age of the properties, the size of the project, and how easy your local building and zoning departments are to work with, and of course the size of your wallet.
Also be aware that you really need to know what your buying as you can get stuck with a older builidng that just asbestos removal quickly add to cost doubling.Nothing for a amateur to mess with:IMO.
We have a lot of lofts in our downtown area that were once commercial buildings, some very old. Most if not all of them were gutted to the bare shell and re-built inside. The City made them bring everything up to current code, including fire sprinklers.
They all were very high dollar renovations. There was also an old elementary school that was converted to condos.
I guess a lot would depend on the age of the properties, the size of the project, and how easy your local building and zoning departments are to work with, and of course the size of your wallet.
That is something many cities have doing for the past couple of decades in an attempt to re-vitalize the downtown districts. Typically there are special incentives offered to contractors to do such work. Much harder and expensive for the average consumer to do on their own.
Also be aware that you really need to know what your buying as you can get stuck with a older builidng that just asbestos removal quickly add to cost doubling.Nothing for a amateur to mess with:IMO.
You must be an Amateur? Sorry about your experience.
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