Attend your city council meetings to proactively keep, or even improve, your property’s value. As a single family property owner, you have lots of details to manage on a timely basis, including evaluating the rental market, preparing and maintaining units, and making sure your residents are in compliance with their leases. But you must also keep an eye on the big picture of neighborhood issues like infrastructure and development. Whether your property is located in Natick or Milford, MA, ar any other nearby town, these things are addressed at the city council level. And your attendance informs the community that you care and want to be involved; it keeps you networked.
It is at the city council meeting where local ordinances and regulations get determined and enforced. The property owner’s involvement and cooperation can go a long way in establishing property values and protecting interests. It is definitely in the interest of the property owner to attend city council meetings regularly.
The functions of the city council meeting that directly impact a property’s value include planning, construction and zoning. Here are some insights as to how their decisions regarding these things can have a huge impact on property values.
- Planning and construction can have a serious impact on property values. The quality and availability of roads, public transportation, schools, and utilities all affect a property’s value. If your older rental home is adjacent to an area that is being developed commercially or is getting a new school, this is good news. It’s understandable that new amenities bring in more people and money, creating demand for housing, and even improving the quality of the tenant pool. But if your older property is near a new development of residential properties, then your property could lose some of its value. Few people will spend money on an old house in need of repairs when they can buy a brand new one nearby for not too much more. Additionally, if there isn’t much development even in the planning stages,planned, the area becomes less attractive compared to nearby areas experiencing new development.
- If your rental home is close to an area being considered for a zoning change, say to multi-unit or even commercial zoning, it could potentially raise the value of your property or, alternatively, possibly impede your ability to rent the home to quality residents. These issues can even impact whether short term leases will be allowed and may alter other lease type regulations.
The important thing to take away is that the more involved you are, the more impact you’ll have in the regulatory changes that will impact your property’s value.
Would you like to learn more? Please contact us so we can get to the specifics for your community.