Residential To Commercial
I am looking at a piece of property (18 acres) with an old farmhouse on it. The house would need to be torn down. I am interested in the property because I would like to build a single family residence on it.
The property is PROPOSED to be rezoned from residential to commercial. What are the implications of this? I would think a parcel of land land-for-sale/land/zoned-commercial">zoned commercial would hold more value? If that is the case I may still be interested as a buy and hold investment.
Thanks for any help/advice
[ Edited by JSterling20 on Date 10/06/2010 ]
look at the land use and zoning to see if residential can be placed on commercial zoned land. Otherwise, sounds like a rezone, and I doubt that would be supported.
What to build a mall or activity center?
Whether rezoning to commercial will bring more value depends on the market for commercial, average daily traffic, other existing commercially zoned lots, vacancy.
option 1: you can fight the propozed zoning. will need a good attorney familiar with that municipality
option 2: you can subdivide (say into 2 parcels). Aks the municipality that wants to rezone it to leave 1 parcel residential and have the second one be commercial. May also be a reasonable compromise with the municipality.
option 3: save yourself all the work and get another property that is already residential and for which there are no plans to change the zoning.
You might not need to do anything. check is Single family is a permitted use in commercial.