Hello everyone!!
i'm new to property investing. its great to be here and learn from your experience.
Could you pls tell me
1. What is zoning ?
2. what should we keep in mind about zoning when we buy residential proeprty?
3. what are the various kinds of titles and how they influence buying decisions ?Thank You!!!
Zonings are a system of development & land use regulations, & they are represented on a municipal map (planning scheme map) as different colors for different zones. For example, In Victoria pink designates a residential zone, brown is industrial, purple is commercial and so on. The various restrictions & requirements that apply for land uses within each zone appear in a planning scheme (the town planning bible) which every municipality has.
A title is, in essence, is a certificate of ownership of a property. It too can have various restrictions & covenants. For example, a covenant which states that only one dwelling can be constructed on a site would override any zoning provision which allows more than one dwelling on a site. However, a planning permit may be granted to remove a covenant subject to certain requirements.
When buying a residential property you need to consider what the zoning will or will not allow given your intended purpose for the site. This needs to be considered along with any overlay controls which exist over the zoning & whether the title has any further restrictions & covenants which may limit your intended purpose for the land.
Best advice is to speak to Council & a solicitor before buying.
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