Buying or Selling a Home/Zoning

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Expert: - 10/24/2011


Question
Hi!  I have a question about zoning.  I don't know much about it at all, but I am interested in purchasing a home in my neighborhood and converting it into three rental apartments.  There are a ton of these rowhomes in my neighborhood, on the same block as the one I am interested in that have been divided into multiple units.  Where do I begin to figure out the process?  How do I know that, if I purchase this property with the plan on converting it in mind, that I won't be denied a the change in the zoning?

Thanks!

Answer
Dear Kurts;
You need to call town planning department and ask for someone in zoning. Ask about the restrictions or requirements for the properties on this street and in the area you are considering.  Once you know if you can divide the home and use it as a rental you can then go ahead with the purchase. I would also suggest that you consult a contractor on the costs to convert the home as well as an accountant on the tax benefits or drawbacks.  You should also check with the insurance company to see what you will have to carry to cover the property and what the costs will be.  Having a complete understanding of the costs involved before you purchase will determine what the property is worth and what you should pay.

Good luck and best wishes,
Jessica Bryan

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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