So you own property that is currently zoned for business and you are wondering what it would take to rezone the property for residential use. Perhaps you are considering renovating the building and putting the condominiums up for sale. While there can be some great potential for profit, let’s look at what may be involved in rezoning.

Before you proceed with any rezoning application you will want to talk to your Real Estate Attorney and learn about the local laws for changing the “use” of the building. Be prepared to go through several months of reviews and hearings with local government. The neighbors will have a say in the process, as will your local municipality government. If that bureaucracy is something you’re willing to do, the builder you hire to convert the building to condos can also assist with the zoning application. Always consult with professionals when tackling a rezoning process.

Once the property has been zoned for multi-family use then the renovations can begin. Converting a business property to a residential property can be an expensive and time consuming undertaking. Remember, most business properties require a considerable amount of work to bring them up to residential standards that are mandated by your local municipality government.

In addition, when you are ready to sell the condos, you will have to set up a Condominium Association. You will be selling each owner both their space and access to common areas, shared heating units, etc… your attorney will need to draw up contracts.

Converting a property from business zoning to residential can be a long, drawn out and frustrating process. However; with patience, a trusted Real Estate attorney and a reliable builder you may be able to see a significant profit when those condos go to market.

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Housing Market, Rental Property