February 13, 2024
No matter where you reside or have your property portfolio, zoning laws and regulations can be confusing. If you are currently experiencing this confusion, have no fear because you’re not alone! Zoning laws and regulations play a vital role in multifamily real estate development, as they dictate the appropriate use of a property. This means the local authorities in your given area determine how tall, dense, shape, and size your property is and what you can do within those boundaries. Navigating through these policies, laws, and regulations can impact your property, the success of your investment, and your overall multifamily investment journey. In order to help you understand zoning laws and regulations, the multifamily real estate experts at The Multifamily Firm have compiled our top tips to help you navigate through the importance of zoning laws in multifamily development.
What To Know About Zoning Laws In Multifamily Development:
You Need To Determine The Allowed Usage:
One of the first and most important aspects of understanding zoning laws is determining what the land you have just invested in or looking to buy into can be used for. There are many different things that land can be used for, including residential, commercial, or industrial. If you are looking to develop multifamily properties, you need to make sure you are purchasing land that can be used for residential purposes. If you do not, you may end up with virtually useless property for your intended purpose.
Determining The Areas Zoning Regulations:
Each part of the country has its own set of regulations about the building’s size, type, and structure that can be formed on a set area of land. When purchasing or looking at land, it is essential to know what the maximum allowable size, height, and width that your building can be if you choose to move forward. For example, a specific residential zone in one area may allow only single-family homes and not multifamily. This makes it critical that you find an area that provides for your intended needs.
Get Necessary Permits:
Once you have determined a property that is right for your intended needs, you must acquire all of the permits. Zoning laws often require specific permits for different activities, construction, plumbing, electrical work, and more. It would be best if you got these permits before the work begins to avoid any fees or more significant legal issues.
In Search Of A Multifamily Property? Contact The Multifamily Firm Today!
The Multifamily Firm is a premier investment real estate brokerage exclusively focused on the disposition & acquisition of multifamily properties. Based in Sarasota and Tampa, Florida, the firm is strongly positioned at the epicenter of economic growth and activity on the West Coast of Florida. If you are looking for a multifamily property, please feel free to contact us via our contact form or by calling us directly at 941-444-6160. We look forward to speaking with you soon!