If there is any one thing that people remember most about the Great Recession a few years ago, it was that it had an immense impact on the real estate market. From residential homes to commercial properties, underutilized or vacant buildings and homes could be found across Brevard County and beyond. But even though the economy and the real estate market have since rebounded, Florida still has a small problem with these unused properties.
It's a problem though that real estate agents and property investors are trying to address, especially with commercial real estate properties all over Florida. One solution, and perhaps the most eco-friendly, is to repurpose these buildings for something new. It's a great idea, you might be thinking, but what goes into it? In today's post, we'll look at some steps that need to be taken before an old property can become something new.
When repurposing a property, there are a few things that need to be considered first before a project can ever get off the ground. One of the most important things to consider is whether there is a need in the community for something and whether any of the vacant properties meet this need. On that same note, you may want to consider if repurposing a building will also bring a financial gain to the community as well.
It's important to point out to developers that not all properties will be suitable for your needs. If your desire is to completely change the façade of a building that is considered a local landmark, you might experience backlash from the community, which is not a challenge most people want to face.
Another important thing to consider is the condition of the property. Is the building structurally sound enough to be repurposed or would it be more cost effective and safe to tear it down? If demolition is the best solution, discussions with the local government may be needed, especially if permits are required.
And last, but certainly not least, it's important to get to know local zoning laws. Although a vacant high rise might seem like the perfect senior living facility down the road, the area it is located in might not be zoned for residential use. Getting information about a property and zoning laws in the area ahead of time is a good idea so as to avoid potential issues later on.