Hi everybody! I have a question regarding the purchase of a commercial property and then turning it into my personal home. Which type of financing would be prudent for this situation. The zoning issues are no problem. Which will save money? I know there are pros and cons for both. I just want to make a sound deal.
I would definately get it rezoned residential if possible, financing for residential is much simpler…
I would definately get it rezoned residential if possible, financing for residential is much simpler..
And residential programs offer a better variety of programs, terms and rates, than their Commercial counterparts.
Ok, so I would get it rezoned residential before I get financing.
I agree that residential loan programs offer more variety and better payment options however, if you rezone the property from commercial to residential aren’t you knocking down it’s market value? Commercial property is typically more valuable than residential.