Earlier this month the City of London announced plans to build 1,500 new homes in former office blocks left vacant due to the Pandemic.
Since 2015, property developers have been allowed to convert offices into apartments without getting full planning permission, under a system called permitted development rights – and that policy now applies to shops and warehouses, too.
There are plenty of pros to converting commercial properties to homes, however, it can come with some potential pitfalls, such as being able to get a mortgage. Remember offices and shops were not meant to be used as bedrooms, so check there is sufficient noise protection.
Another issue is that, if a property has just been converted to residential use, lenders will class them as new builds, even if they are decades or even centuries old. This will mean a higher deposit and a potential problem for first time buyers in particular.
Find out the uses of the buildings around the property. This could have a serious impact on your experience of living there.
You should also consider whether there are any restrictions on renovating or extending the converted property.
There are lots to consider when purchasing a converted property and although they are not everyone’s idea of a dream home, they do offer a chance to live in a central location at a more affordable price.