The Woodall Law Firm PLLC understands that purchasing property is not always simple. Property, as with any other investment, should be done only after extensive research. The more research done often means a better investment decision will be made. Real estate and property are not as liquid as some other investments, meaning it can take time to sell in the event a bad decision is made. That’s why it’s critical to know things like the condition of the property, any anticipated repairs or other costs, permitting concerns and other issues that could make you regret buying a certain lot. Potential investors also need to consider zoning and city planning issues that could affect a property’s value. The team at The Woodall Law Firm PLLC has knowledgeable real estate attorneys who have keen insight into purchasing property in Texas and can help you make sure you are making the right decision.
1. Zoning
Zoning considerations should be a factor when purchasing any residential or commercial property. It can determine how you use your investment going forward. Zoning can dictate property uses, limit renovations and what items are stored there. Zoning needs to be research on adjoining properties as well to make sure you protect your investment. A neighboring property could do something that drive the value of your property down, so it’s important to know what limits are on the entire area as well. Legal experts can help you understand zoning laws and what, if any, exceptions exist.
2. Design Restrictions & Overlays
Restrictions are placed on properties for many reasons. A city may restrict design changes in its historic district as a preservation measure. Local governments can also place restrictions on things like what types of windows can be installed or even what color buildings can be painted. Environmental protections can also restrict changes to a property or structure, particularly if there is some endangered animal or plant in the area. Government restrictions are recorded and available to the public. However, it’s important to understand exactly how a restriction could impact a property purchase.
3. Future Planning
Understanding how the local area is expected to change in the next five to ten years will help you make an informed investment decision. Diving into city planning efforts and economic trends can indicate what’s in store for your property. Even if a property’s price is a steal, if the economic outlook is negative you could see a downward trend in real estate prices in the future. At the same time, if you can buy a property where there are plans to build a large commercial complex or some other economic driver, then your investment could appreciate more.
Interested in learning more about real estate law?
The real estate attorneys at The Woodall Law Firm PLLC can help you evaluate a piece of real estate before purchase. Our due diligence helps our clients make informed investment decisions and protect their financial assets. If you’re interested in purchasing Texas real estate, please contact us to talk about how we can help.
