Is Heritage Residential zoning a disadvantage, or would it not affect your purchasing decision?

[Nir]

Hello Everyone,

I wanted to ask if the zoning "Heritage Residential (HR)" would affect your purchasing decision? If yes, do you see it as an advantage or disadvantage compared to a regular non-heritage residential zoning property? why?

The property is a 100 years old but please disregard the property age or condition, the question is regarding the zoning itself and any issue you see as an owner with a property defined as "Heritage Residential (HR)" compared to non-HR properties.

What confuses me a little is that on one hand there is some research showing HR properties appreciate more/faster. On the other hand, if I understand the definition correctly, demolishing such a property and rebuilding it in the future (whether required due to condition or initiated by owner) might cost much more due to the city requirements to comply with HR zoning requirements - unique architecture, etc..(?)

THANKS.
Neil

ps. I posted this topic in the past but surprisingly no one replied. perhaps it is a unique zoning not many are familiar with(?)

 

[DonCampbell]

Not many takers on this subject due to the multitude of regulations and having your hands tied. Any time a government body starts to dictate renovations......

Here is a short discussion on this subject. But, like most investors, we are looking for profit with little resistance.

Historic Zoning Link

 

[markl]

Hi Neil I will take a shot at it. What you really need to do is your homework on the building your going to buy. Is it just the facade that you can`t touch or the entire building? In many cases because the repairs have to be so meticulous to the period therefore more costly people just them fall in disrepair and they fall over or our condemned. I have a friend also a REIN member who had a house in Dundas ON and it was just the front facade that was deemed historical. They put an addition on and redid the inside of the house. Same thing with the ACC in Toronto they were made to keep 1 or 2 of the exisiting walls.

Hope this helps. I think there was a thread on this a while back as well.

Good Luck

 

[Nir]

Thank you Don for the quick response. Unfortunately, I can not open the link you provided since I am not a REIN member yet..

To be honest, it is still difficult for me to understand if the zoning itself (Heritage Residential) is really such a big issue(?) In other words, if everything else about the property looks Great and it meets my system, should I really avoid purchasing the property only because it is zoned HR?

Mark, good point! I will investigate that. Perhaps it affects only the facade and not the entire building as you mentioned.

Thanks & Regards,
Neil