A warehouse is a giant space full of possibilities. Not only are they great places to store goods for your business, they can also play host to underground dance clubs, art shows, become marketplaces, or pop-up shops, and even be converted into beautiful, modern lofts or apartments. You’ve probably seen pictures of lofts with towering ceilings and beautiful exposed brick. Maybe you’ve even thought about converting a warehouse into living space yourself. What does it take to transform a large storage building into a stylish, modern living space?
Location, Location, Location
The first thing you’ll need to consider is the location of the warehouse you want to convert. If you intend to convert it into living space, you’ll need to make sure it’s in a livable area. Is there a good school district nearby? Is it near public transportation? Check out crime statistics and make sure you’re setting up shop in a safe area. See if there are grocery stores, restaurants, and shops within walking distance- that can be an enormous draw.
Permits and Zoning and Inspections, Oh My!
Of course, there are a few legal matters to look into before you even think about starting construction. You will need to have a structural inspection done to make sure that the building you want to convert is stable and doesn’t have any major structural problems that could be dangerous to the people who would live there. You will also need to get a permit to convert the warehouse into a residential building. There are very different codes for commercial properties versus residential ones, so you’ll need to do some research and make sure you know those, and be sure that the neighborhood you’re converting in is zoned for residential properties. Finally, you need to have a hazardous materials inspection done. Make sure there’s no asbestos or lead in your building. If there is, you’ll have to hire a service to come and treat the building, which will be another large expense.
Designing Your Living Space
After you’ve taken care of the permits and inspections, it’s time to start thinking about the design of your space. Warehouses give you lots of space, high ceilings, and plenty of features that you can incorporate into your design. Warehouses, especially old ones, have lots of character that you can use to create a really unique and beautiful space that people will want to live in. Browsing through Pinterest can be really helpful for getting ideas. Warehouse homes are becoming more and more popular, so there are plenty of photos of beautiful lofts for inspiration. With such a large space, you have a million options to customize the homes you’re creating and find the perfect balance between the quirky character of an old building and the modern luxury of a new creation.
How Much Should I Charge?
So you’ve finished converting your building, you’re happy with the design, and you’re ready to start renting it out! There are plenty of things you should take into consideration when you’re deciding how to price out the homes you’ve created. First, decide if you’ll be renting out the units or selling them. Then you’ll need to consider how much money you’ve put into the building, as well as its location and any amenities nearby (school district, proximity to entertainment and restaurants, good views, etc.). Factor in any perks included in your homes, such as central air, in-unit washer/dryers, and anything else that increases the value of the home. Warehouse homes are typically pretty expensive to live in, so converting one is a very promising endeavor.
How Do I Find a Warehouse in the First Place?
Contact us for help finding the perfect warehouse! Schwarz Properties specializes in commercial and residential Property Management in Virginia, South Carolina, and North Carolina. We lead the market for industrial and warehouse spaces for rent, and our portfolio also includes retail space, restaurant space, residential, office space, and many more. Please contact Schwarz Properties at 336-625-6076 or visit our website.
