Whether you are in the business of “flipping” residential properties or taking part in a major commercial redevelopment effort, there are a number of considerations involved in making sound real estate purchases. Indeed, the property’s current condition, environmental assessments and cost-benefit analyses are principal issues, but other legal pitfalls await the unwary.
This post will highlight a few of them.
Zoning restrictions – Zoning regulations may limit the specific uses for a certain parcel of property, but the standards imposed by zoning codes for the size and placement of buildings may create additional obstacles for a proposed property. With that, determining what is acceptable under current zoning codes is especially important.
Design restrictions – Similar to zoning codes, there may be restrictions covering historic districts that limit the types of designs a building may have. These restrictions may cover the types of windows a home or building may have, as well as the colors exterior walls may be painted. Additionally, structures near wetlands or floodplains may require appropriate protections.
Future considerations – While it may be difficult to conceive at the time, but it is important to imagine what else may be built in five or ten years’ time. If a vacant lot is next door, it is critical to know whether changes will help or harm the investment. Taking time to learn about the area’s master plan may help in reducing the chance for negative surprises down the road.
If you additional questions about real estate development in the Tri-State metro area, an experienced real estate attorney can advise you.