One of the most profitable way of business is to convert your residential property into commercial one. There can be many reason of conversion but it is surely a profitable option. Usually it is done to earn bread and butter but whatever the reason might be it is one of the profitable options. So, the million-dollar question is how to commercialize residential property in Pakistan. Here we provide you with the simplest procedure:
First and foremost, consider the zoning. Thoroughly examine the area in which you have the commercializing residential property then visualize for a moment what will be the condition of the property once it is commercialized. Consul the real estate agents and get views about the area, What impact will it have at the surrounding? First carefully search for the answers of these questions to yourself and then do accordingly.
This requires the permission of local authorities without the permission of the local municipal and town authorities, you can’t make any change. Inform the local town authorities in writing and explain them the proposed changes, in writing or by meeting the authorities in-person. This will allow the officers to understand the purpose of change and would facilitate you in how to go about it.
Since you are taking a big decision that will have long-lasting impact so you need to seek the advice of experts that might cost you but certainly save a lot of your time, cognitive energy and financial worth as well. Call some experts like an architect and a town planner and discuss your plans with them and know if the change you want to make is feasible or not. The architect can also suggest you some valuable tips which may even be your own as well and he/she might add value to it. So consulting experts is the sagacious way to take. Take your own or act and roles and Responsibilities of a Property Dealer in Pakistan to rent out or sale out your profitable property.
At times, it may require you to demolish the entire structure and then build a new one on it. On some instances, it may happen that you don’t need to demolish the entire structure and just make appropriate changes in the structure of the building. But a much compulsory change is the inclusion of a parking lot. That’s probably the biggest and most important change required which would not be a point of regret in the long run.
The bigger the parking lot, the better it is. Simply, the parking should be vast enough to accommodate a good number of vehicles. The parking should be properly lighted. The type of building would also require some changes as regard to fire resistance such as installation of better quality fire extinguishers and sand buckets. The distance between two buckets and extinguishers should also be according to laws.
These changes would allow you to convert your residential property into a commercial one in a very convenient way and hopefully the desired results with the passage of time.