Renovating industrial or commercial properties to live in can be a goldmine or a disaster, depending on whether you seek legal advice before you sign the contract. Here's a story about what could go wrong...

After watching the latest season of 'The Block', Henry and Kate bought an old commercial brick warehouse with the intention of converting it into a huge loft style apartment. They didn't seek legal advice before signing and they didn't realise that it was zoned 'Industrial Zone 3'. This meant they couldn’t renovate the property to convert it into a home. Unfortunately, they only found this out when they went to apply for planning and building permits from the Council.

NB: While it can be a great move to buy and convert commercial properties to residential housing, you need to make sure you are on the same page as the council. If you aren't sure about the particular zoning of a property and what it can be used for, your solicitor can review the contract and help you make an informed decision, before you sign on the dotted line.

Ask the agent for the contract and vendor's statement and submit it for review here BEFORE you sign!