Those who are thinking about buying a detached home or residential attached home should heavily consider zoning when purchasing. Zoning is can be extremely important should you want to see an increase in value in your investment. This is especially the case when it looks like real estate values have hit a stand still for some properties. The stand still in values (in some areas price drops) brings the investors out to “play” (buy properties with development or investment potential).
Detached is low in price right now comparatively to years past. With a 10 year sales low you can find detached residential properties in Coquitlam for under $1,000,000 which have city skyline and mountain views! Zoning can play a huge role in buying detached rental holding properties. A major role, indeed. The City of Abbotsford is undoing the old LUC regulations and is making The OCP (official community plan) changes which encompasses zoning changes to help adjust to the rapid growth in the city. Lots which would only typically allow manufactured homes are now being allowed to have newly built 2 storey homes with suites in Poplar, Abbotsford for example. Other changes include places in Central Abbotsford that only allowed detached homes only, now are being allowed to build 6 story townhouses and even in some cases even huge condo potential which could include air usage rights situations. Who makes more money than developers in real estate? Trick question.. No one! Rental investors can easily take advantage of this aspect. Buying detached properties now at a low is a smart move so in the future you can ask for more as the city grows. This helps others struggling to find affordable housing by freeing up cheap rental and meanwhile you will be cashing in on both the rental and the capital proceeds up on sale! “Winning”
Attached homes will be affected by this along with the typical supply and demand aspects. When buying a condo or townhouses with views, or quiet locations, the zoning in and around the property of interest is very very important. The last thing you want find out is that you bought a condo in Maple Ridge, with mountain views on a relatively quiet street at night, has land behind it that is zoned for commercial use and, Bham!….next thing you know there is a drugged out drunk night club behind your apartment. Try to sell that!
Really?! Real estate isn’t just drinking beer and listening to music with your buddies?
Experience and knowledge matters
Thinking of buying? Contact a member of our team to go over potential options with the proper zinging in mind making it a safe investment.