Real estate is always changing, which is why zoning can become a problem when it wasn’t before. Local zoning laws may change to make room for businesses or single-family homes, for example, limiting who else can buy or build in an area.
If a single-family home zones shift over to multi-family zones, some may worry that current property owners will be badly affected. It could be a good thing, though. While some people worry that their single-family homes may see their values drop due to new development in the area, the truth is that the local market may see an improvement if zoning laws are changed to allow for more construction and flexibility.
Multi-family housing won’t make major changes to a neighborhood’s character, either, since most cities that allow zoning changes still limit building sizes and tailor plans to the local population.
Done correctly, changing zoning regulations can actually improve the values of single-family homes in areas where commercial zoning or multi-family housing is now allowed. For example, if new businesses surround the area, there will be more jobs and the area may see an increase in value. Many people look for homes with a short commute to work, so placing businesses nearby can boost home values.
Zoning changes don’t have to be bad, but it’s important that you do make your concerns known. If your property’s zoning is changing in a way that negatively affects you, you may want to reach out to your attorney to discuss your options and how to minimize the impact of zoning changes on your property.