Zoning ordinances are an important concern that you must always consider when buying commercial property. These ordinances exist to protect residences and businesses in a neighborhood and may limit how a commercial property can be used. The best way to avoid the zoning troubles that can occur with commercial property investing is to be informed and know what your options are before you sign on the dotted line.
Understand Different Zoning Ordinances
Every commercial property has certain ordinances that apply to it based on where it is located, the type of building it is, and surrounding businesses and neighbors who share the community with the property. Based on these and other variables, strategic commercial property investing must consider the various ordinances that apply to a certain neighborhood and the building itself.
These ordinances could be as minor as requiring you to have a certain number of parking spaces and signs or having the right type of waste management. They can be as significant as limiting your hours of operation or what type of business can function in the building due to its structure, amenities, or how likely certain activities may disturb the neighborhood.
Confirm Your Zoning First
Location is a critical factor when buying commercial property. You want to find a desirable location that allows your business to prosper. Yet before you set your heart on a specific location, it is essential to check the zoning to make sure you can actually run your business in that building.
Even if you are considering the property for a business similar to one that has already been there, it is important to know in advance what restrictions and prohibitions may apply before you agree to any lease or sale of a commercial property. Failing to do so could mean making a payment on a building that you cannot actually use to generate income.
Zoning Problems - Not the End of the World
In the event that you do find a great location for commercial property investing but come across some zoning issues, the good news is you may be able to file an appeal. Some zoning districts are more strict than others about their ordinances. If you present a good argument, it may be possible to get some ordinances changed.
As long as your business considers the safety and convenience of the local community and you can show that changing an ordinance could be beneficial, some districts will consider making a change in your favor. Doing so could involve anything from raising awareness and asking members of the community to support your request to the city to hiring experts who can offer different solutions to handle zoning concerns.
It may take some time, but if you feel that buying commercial property will be profitable, the effort can be well worth it.
Considering these points, there are two things you should think about if you are interested in buying commercial property.
- Once you find a great location, immediately confirm its zoning and what ordinances apply to the commercial property to see how they may affect your business plan.
- If there are any ordinances that challenge your ability to run your business, investigate whether and how it may be possible to get the ordinances changed.
Paying careful attention ahead of time ensures your venture in commercial property investing will be as enjoyable and profitable as you imagine it could be!