Are you in the market for a piece of commercial real estate? How about vacant land? If you find yourself in this position, you know that there are many questions to answer. You also know that one mistake could cost you a lot of time and money, while also causing you trouble in the future.
This is why you need to learn more about zoning before making a purchase. For example, purchasing land with the idea that you’ll build a commercial property is a great idea. However, this can take a turn for the worse if you later find that it’s only zoned for residential use.
There are many types of zoning categories, with the most common including:
— Residential zoning
— Commercial zoning
— Industrial zoning
— Agricultural zoning
— Rural zoning
— Historic zoning
— Aesthetic zoning
With so many zoning categories, it’s easy to see how mistakes can be made when purchasing any type of real estate.
As a buyer, ask yourself these questions:
— What is the zoning category attached to the property?
— What has the property been used for in the past?
— What are other properties in the immediate area being used for?
It’s possible for a zoning category to be changed, but this is easier said than done. For this reason, you need to know exactly what you’re getting into when making a purchase.
If you take the right approach when searching for and buying real estate, you can avoid trouble with zoning related issues, both at closing and after the sale is complete.
Source: FindLaw, “Types of Zoning,” accessed Jan. 09, 2017