Right now, property in Surfers Paradise is hot. But as we've been wandering around properties (and maybe you've noticed this too) we can't help but wonder if there are more opportunities for some of these residential properties. The layouts of some of these houses combined with the location make for a prime time commercial property and business venture.
Just how creative do you think you could get with your property, and what do you need to do to go from a residential property to a commercial one? There are lots of options available to you once you start thinking beyond a home as home. However, there are also some loans and regulations you should also be aware of before committing to an undertaking like this. We'll show you what we mean.
Turning residential to commercial property
Unfortunately, you can't just slap an 'open' sign on your front door and welcome in customers. A house needs to go through some regulations first. Your first steps are going to be to acquire a mixed use property loan in order to open shop. This allows a piece of real estate that has been zoned to function with more than one use. Properties can be mixed as residential and commercial, residential and industrial, or residential and rural.
You see these types of mixed-use properties along main streets in the centre of town – typically shops underneath and apartment units above, but you can apply the same idea to your home. There's no shortage of ideas you could transform the first floor of your home into. Closer to town you could open the newest coffee shop on the block. On the beach you could enjoy the salty breeze from the top floor in a two story bungalow, with the bottom floor being a functioning surf shop.
Whether you want to rent out the commercial portion of the property or run a business yourself (or run the commercial and rent out the residential half) the business choice is up to you.
Or vice versa…
Of course, you could also always do the exact opposite and turn a commercial building into a residential one! When commercial buildings are starting to get tired and old, that's as good a time as any to swoop in and up the property value. Across Australia this has been a relatively big trend that we think you can really take advantage of in the bustling Surfers Paradise market. Commercial properties have make for a unique fixer-upper. Depending on which town you are trying to build in, you will need to go to the correct council as the zoning laws very from state to state.
Who knows, maybe you could become the next great manager of Surfers Paradise property. Tourism is booming in the area so it could be a great opportunity to earn some extra cash via either housing for locals, or rentals for incoming surfers.
Interested in a crazy venture like this? You're going to need all the help you can get, especially when it comes to learning the ins and outs of the local zoning laws. Turn to the real estate experts at Ray White Surfers Paradise for help tackling this market! We've got you every step of the way, from finding the right property to helping you get the right loan – just contact us today to see how we can help!