If my neighbor wants to rezone his residential property to commercial, would that effect my property value?
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If my neighbor wants to rezone his residential property to commercial, would that effect my property value?
Asked on June 19, 2012 under Real Estate Law, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In theory, the change should increase your value because - again in theory - the proxinity of businesses to residential property can increase value. But it would depend on the use of the commercial space, etc. Also be aware that there can be some hazards to you. If the zoning laws change the area from residential to commercial, the city can not force the owner to sell or tear down the residence. But if the home is destroyed in a natural disaster or fire it can not be rebuilt, and only commercial buildings can be built on the land. So I would discuss this with ana ttorney in your area. Good luck.
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