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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42909
Experience:  Texas Attorney for 30 years dealing in real estate
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A house built in 1928 is now in multi family zoning. What

Customer Question

A house built in 1928 is now in multi family zoning. What does that mean for the SFH if it were to burn or be damaged & need replaced? How does this affect the selling of the property, value of property?
Submitted: 2 years ago.
Category: Real Estate Law
Customer: replied 2 years ago.
What are, if any, the negative ramifications of buying a SFH in a MF zone?
Expert:  Ray replied 2 years ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.This would be a good zoning designation to rebuild a multi family rental space or property for sale as a rental.The insurance here pays the policy limits up to value of the house as far as rebuilding.You would have the proceeds to rebuild a multi family dwelling. You could keep the policy limits payment and sell the lot as is.Overall this gives you more options and makes it more valuable since a multi family building could be rebuilt.Also you would be able to add say garage apartment or multi family structure to existing home.It is zoned for more than one family this is good thing overall as it gives you more options overall to develop it or in case of it burning down a different kind of structure for a rebuild or sale.

This is a great zoning designation because it allows you several options and is very desirable in case of a sale.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

Expert:  Ray replied 2 years ago.
Multi family simply means the property has more than one living unit (duplex or above). Usually this means separate utility meters and will be sold as real estate that can be rented out to multiple families.
Here as a multi-family property a standard residential mortgage will only apply for up to 4 units. So you could rebuild with a duplex or up to four family structure.You can add units to existing home such as garage apartment or other multi family structure.
Thanks again I appreciate the chance to help you .