A city council meeting offers citizens to voice out their concerns on subject matters that are of public interest. Council members go through a list of items on their agenda, including proposed projects, community activities, policies, and many more. As each item is discussed, community leaders and residents have an opportunity to share their support or disapproval. There is no voting involved, however, getting involved may encourage the council members to revisit certain issues.
Property investors can benefit from attending city council meetings because they are an opportunity to learn about changes going on in the community. As a landlord, city council meetings let you learn about current developments that may impact your rental property’s value — especially those concerning zoning, infrastructure, and lease regulations.
How Does Zoning Affect Your Property’s Value?
Cities implement zoning to “organize” the types of dwellings that are allowed in certain areas. It wouldn’t be right to put an elementary school beside a club or bar. Zoning laws vary from city to city, so it’s best to be aware of any restrictions before investing in real estate. Also, zoning laws may change over time. For example, a residential area today may be rezoned into a commercial area in the future.
A property management company can give you updated information on local zoning regulations. Zoning affects the value of your real estate investment in many ways. When the zoning is changed to residential from commercial or industrial, the value of the property can plummet. However, when it’s the other way around (zoning becomes commercial or industrial from residential), your property’s value can rise. However, as a landlord, you should also be aware of the effects of zoning on your tenants. If your rental property is in a residential zone, and your tenants conduct business from the property, they could inadvertently violate zoning laws. In most cases, home-based businesses aren’t a problem, but if your tenant’s business requires customers to drive to and from the property, this may result in complaints about noise and traffic.
How Does Infrastructure Development Affect Your Property’s Value?
#1 Amenities
#2 Industrial Development
#3 Educational Facilities
How Do Rental Regulations Affect Your Property’s Value?
Short-term rental agreements can also affect the safety, health, and welfare of homeowners in residential zoning districts. What’s more, is that short-term rentals are considered a business. Allowing businesses to operate in a residential neighborhood would go against what its zoning was designed for. City regulations on the prohibition of short-term rentals can affect the nature of your lease. If the zoning ordinance puts a complete ban on transient use for properties located in a residential zoning district, you won’t be able to rent out your unit for less than ninety days. In most cases, zoning ordinances do not completely prohibit short-term rentals, but merely set standards for them. These may include:
- Identifying two contact persons who will handle problems that may arise.
- Providing off-street parking to prevent transient tenants from taking up existing homeowners’ parking space.
- Limiting the number of persons who can occupy each living space.
- Notifying existing homeowners or asking for their agreement to allow short-term rentals.
Keep in mind that not all residential zoning districts will allow landlords to lease the property to multiple tenants within a month. Some may even specify a minimum period of stay, for instance, one month.
Why Should You Attend City Council Meetings?
The Takeaway
The important thing to remember is that your involvement can influence the changes in your community. The decisions that the council members make, from zoning regulations to rental restrictions, can have a massive impact on your rental property’s value. Working with Luxury Property Care lets you stay up-to-date with changes in your community. Our property managers closely monitor developments and regulations to ensure that they won’t hinder you from maximizing your investment. Call us today at (561) – 944 2992 or complete the contact form to learn more.