Should I change zoning on a property?

Question

I am looking at purchasing a large home that has been converted into four apartments. I plan to live in one unit and rent the other three out. It is zoned comercial. And the taxes are over 4,000 per year. Should i change the zoning to R3? Would that affect my taxes (better/worse) And does it cost alot to change zoning?

Answer 1

first, your real estate taxes would in fact be reduced if you changed from C to R zoning. second, to do it properly, get a very good real estate attorney. in my municipality, we must request a zoning change hearing, but before that we have to get agreement from the alderman and each of the neighbors on either side of us.

but third, you might think another way if you are on a generally commercial street. you might wish to rent the first floor to a commercial tenant whose rent would be higher than residential and you may want to ask your real estate attorney about the possibilities for you to ask him to pay his portion of the taxes based on the number of square feet he rents of the total improved portion of the real estate. one of the reasons you need a real estate lawyer also is that you must be aware of what sorts of businesses can go into your property without having to get special licensing.

upon sale, it may behoove you to keep the real estate zoned commercial, but it really depends on location. if practically everyone around you is changing their commercial properties to residential, it seems better to me that you follow their trend.

only three words matter when it comes to real estate, and they are:

location, location, location

Answer 2

Zoning is what a municipality's classify making use of land for. Zoning exists so commercial companies do not pop up in a residential community and visa versa. without zoning think approximately a chemical plant next on your place, if it extremely is wise. desire this facilitates