If you’re looking to purchase real estate for an investment, it’s essential to be aware of the local zoning laws. They can affect the type of business or even the colors you can use to paint your building.
Understanding these laws can help ensure you don’t lose money on your investment.
The purpose of zoning laws
Zoning laws serve as guidelines for how land should be used and developed. By ensuring that land use is consistent within particular areas, zoning laws help to protect property values. By designating specific areas for commercial or industrial use, zoning laws help promote economic activity and growth. They help balance the whole community’s interests while ensuring public safety and welfare.
Hollywood has several zoning districts: Single-family, multi-family, commercial and office, industrial/manufacturing and specialized, which includes agriculture, recreation and highways.
Zoning laws can affect real estate transactions in several ways, including:
- Potential profitability: Restrictions on the type, height, and size of buildings can influence the development of the property
- Property value: Limits on development near wetlands or protected areas
- Requirements for parking and traffic control
- The ease of financing
Furthermore, zoning laws may change due to a shift in community planning objectives. These changes can also impact a property’s value and potential use. This means that investors must stay on top of any possible changes to these laws, as they could significantly affect their investment strategy.
Zoning law violations could result in legal problems, fines, or forced removal of unlawful structures. In some cases, applying for a change in zoning might be possible to match your intended use for the property. Working with someone who can help you understand the zoning laws can help protect your investment.