Converting premises into housing and not dying in the attempt

If you are an adventurous soul, have nerves of steel and patience, converting a room into a home can be the way to get a "wow" space on a tight budget. In this post Monapart tells you everything you need to know.

15 May 2018 by Monapart

If you are an adventurous soul, have nerves of steel and patience, this can be a way to get a "wow" home on a tight budget. If you are also freelance o working from homeBy linking your office with your home, you can save costs and it is a good option for the family reconciliation that we are looking for (if you know how to disconnect, of course).

Converting premises into housing and not dying in the attempt | Monapart

Here we tell you what you need to consider in order to converting premises into housing and not dying in the attempt:

Pricing and financing - get your numbers right!

The price per m2 of premises and offices can be between 20 and 30% below the price of the property BUT you must take into account, if you need financing, that the banks for this type of property finance around 60% of the appraisal value compared to the 80% that is usually offered for the property. Therefore, you must have 40% of the price (or the appraisal, depending on the case) plus expenses only to buy. From here you must add the costs that the reform will entail, architects, licenses, etc.

In short, Before you start your search and indulge your dreams by browsing through decorating magazines, it is best to talk to your bank and find out what your budget is. From there, the adventure begins.

Visit the Town Hall

You've found the perfect place for you... you're already breaking down the walls in your mind... don't let the urge eat you alive!

Go online and make an appointment at the town planning department of the town hall where the premises are located and find out, first of all, if the change of use is possible. They will tell you orally but you want it in writing, and for that you will have to make a Common Town Planning Consultationpay a fee and wait for a response. For the Community of Madrid, the applicable regulations and the requirements that must be met are in the General Urban Development Plan of Madrid, from 7.3.3 to 7.3.8 (except 7.3.7). You will find it all here. [Legend has it that a civil servant managed to recite these articles without blinking or breathing a single breath].

You must have a 40% of the price (or the valuation depending on the case) plus expenses only to buy. From here you must add the costs that the reform will entail, architects, licenses, etc.

Seek professional help

It is fine for your parents to accompany you to view your future purchase, but better still to have an architect come along to confirm that the space meets all the requirements to obtain all the licenses.