Home | Finance | Real Estate
At this point, assuming you understand the power of focus… have selected the type of property you are interested in investing in… selected the area you’d like to focus on and know the zoning required for that specific type of property and use… the next step in becoming a specialist is to review the city zoning maps and ordinances for the zoning code. The goal is to find the areas of the city where that zoning is allowed. It sounds rather cliché but you want to know these areas of the city like the back of your hand. Now, the question you probably have is this: “Why should I review the zoning maps? What are they going to tell me that I don’t already know?” They will tell you exactly where the properties you want to invest in can b e found. For instance, let’s say you want to invest in multi-family residences. Sure, you could go on the Internet or into the yellow pages I suppose, and look up various apartments or condominiums, but that list you come up with will be out of date--and HIGHLY suspect. Plus, there are lots of land zoned where there is no multi-family residences built yet. Your goal is to really understand where it is they types of properties can be built within the city. Maybe they are already there and maybe they aren’t. Armed with the zoning maps, you’ll exactly where the properties and you can start strategically targeting the type or class or quality of investment you want to invest in. For example, let’s say you desire to build up-scale luxury apartments… Given the class of apartments, you would be attempting to buy them in low-rent districts of the city, would you? That would be foolish from a marketing perspective because “like attracts like”. If there’s an upscale area of the city, you’re best strategy would be to focus on building apartments in that area, correct? Now, as always there are exceptions to this, for instance in area that are prime candidates for re-gentrification. Or areas that are experiencing some sort fo transition. But that needs to be decided upon on a case by cases basis. The point though is clear, with city zoning maps in hand you have a complete picture of the zoning. One last thing: And it’s important. You may be thinking “Well, I want to build in an area where the zoning doesn’t allow my type of property yet.” The answer to that situationis obviously to get the land re-zoned appropriately. It definitely possible to accomplish, but it does require additional effort. But clearly, now that you understand the zoning for your particular city, you’ll be more knowledgeable, more informed and better prepared to make the case for having the property you have in mind rezoned. The point though should be clear, part of your expertise in a market is in knowing the zoning related to the property you want to invest in.
Article Source: http://www.ApprovedArticles.com
Specializing in commercial and investment real estate, Tony Seruga, Yolanda Seruga and Yolanda Bishop are always searching for new and profitable commercial properties across the U.S. Visit www.maverickrei.com for more great information.
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
