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Land Zoned Commercial |
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My home is on a half of an acre and I bought it about 3 years ago, recently a man from the county was driving by, and we noticed him looking at our home. We asked what he was doing and he just said do you guys know that your property is zoned commercial? and no we did not. I know the old man who owned my house owned the whole block and he began selling, some of the land to developers who built apartment complexes, I looked up what type of commercial it was and it could be used for quite a few things one being a multi-family dwelling, My question is does this bring the value up? I was just getting ready to refinance for the 1st time to make this be my dream home but now I am curious if I were to say it was commercial if I could get more money or if it would be better to take out a second mortgage, buy another house and list it as zoned commercial because our town is growing fast and I know a developer would love to make this a 12plex (I was told for every acre you could have 24 dwellings),What would be my most profitable way to have the dream house I want? |
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I don't know enough about your whole situation, or your area, to give the kind of information you need. It is possible your place would be worth more to someone who will use it for commercial development than it is simply as a residence. It will cost you nothing to contact several real estate brokers who are active in your neighborhood (look at for-sale signs) or to call companies that are advertising commercial property for sale. Most brokers are happy to offer advice and opinions with no obligation to you. If you decide to sell, you can list with the agent who seems to inspire most confidence. |
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Edith
Originally published on May 27, 2007 |
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