Re-zoning is a strategy sometimes used by real estate investors when current zoning restrictions do not permit for a proposed construction project to move forward. Most counties and townships use a structure called Euclidian Zoning. This structure is named after the town of Euclid, Ohio, where it was developed. Typically, areas are “zoned” as residential or commercial. There is a miscellany of other zoning classifications for other purposes (e.g. public parking or railroad use). Zoning codes typically also specify a density. For example, an apartment building could not be constructed in the middle of a suburban neighborhood, even though both would be considered “residential.”
When an investor or group of investors would like to build a structure in an area that is zoned for something else, they must petition city or township officials to modify the zoning of the target area. This process is known as “re-zoning.” Government officials may or may not approve such a petition, depending upon the suitability of the proposed construction and compatibility with the municipality’s existing future plans.
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Buying a home is a big decision that should not be taken lightly. It is not a good decision to buy a home if you can not stay in one place. Buying a home and then selling the home a few years later costs more money than saving you money. In order to buy a house you have to have good credit so it is a good idea to start building up your credit before you decide to get a house. Choosing a home that you can afford will help keep you from having to foreclose on your home or try and sell it. Loans are a good thing to check in on and see if you qualify to get a loan. Most people have children or plan on having children so it is good to buy a house with great school districts. Finally, hiring a home inspector can help save you from getting into a home that is set up for disaster.
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As the economy starts to drop with it rises the taxes on everything including real estate. More and more corporate businesses are going out of business today because of the inability to afford property taxes. Although some tax collectors are able to collect all the property taxes, others could take years before they could even collect all of it. Many collectors have the authority to take away personal property if local businesses do not pay their property taxes. The market and home values have dropped tremendously causing many foreclosures in the area. Property taxes however are still going up in price and that shouldn’t be the case if our market values are as low as they are now. Check your property taxes and start asking questions before you pay that bill.
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