Home Reversion Explained: Everything You Need To Know About This Process
Home reversion is the process of turning a property that was previously a residential home into commercial property. For example, an old family home could be converted to a restaurant. Home reversion can be done through either sale or lease agreements and it offers many benefits for both homeowners and businesses alike.
Homeowners may be conflicted with the decision to convert their home into a business and lose its original function. Home reversion offers them an opportunity to keep the property as it is, while still receiving income from renting or leasing out space in their house.
Businesses can benefit greatly by using this process because they are able to purchase properties that have already been properly zoned for commercial use at a discounted rate due to not being on market yet. This saves time and money when converting residential homes – which often take more than five years before coming onto the open market – into commercially viable spaces.
Another benefit for businesses is that residential properties often come with large gardens and yards, which are perfect for outdoor dining.
While some people may not see the benefits of home reversion, it can be a great opportunity for homeowners to keep their property in its original state while still collecting an income from renting or leasing space out to another entity. Businesses also benefit by being able to purchase commercial-zoned homes at discounted rates due to them not being on the open market yet. Residential properties often provide ample yard space and gardens for restaurants; this is something many business owners covet as they want a place where customers will feel comfortable lingering over coffee or lunch.