Should You Sell Your Property Before or After Rezoning?

Introduction: Embracing Small-Scale Multi-Unit Housing in Coquitlam

Coquitlam is experiencing a significant shift in its housing landscape, driven by new legislation aimed at increasing the availability of small-scale, multi-unit housing. This change is part of a broader effort to address the housing crisis by offering more diverse housing options. For homeowners, this presents a unique opportunity to consider the potential benefits of rezoning their properties from single-family to multi-family use. But the question remains: Should you sell your property before or after rezoning?

Selling Before Rezoning: A Simplified Approach

Simplicity

Selling a property before rezoning can be simpler and quicker. It avoids the lengthy and sometimes complicated rezoning process, which involves public hearings, community feedback, and city council approvals.

Certainty

By selling before rezoning, you eliminate the uncertainty and potential risks associated with the process, such as opposition from the community or rejection by the city council.

Current Market Conditions

If the real estate market is currently favorable, selling immediately might be beneficial. Market conditions can fluctuate, and waiting for the rezoning process to be completed could mean missing out on a peak selling period.

Selling After Rezoning: Maximizing Property Value

Increased Property Value

Rezoned properties, especially those changed from single-family to multi-family, often see a significant increase in market value. This is due to their enhanced development potential, which can lead to higher sale prices.

Attracting Developers

Properties that are already rezoned for multi-family use are more attractive to developers. This increased demand can result in competitive offers and potentially higher selling prices.

Long-Term Investment

If the market is expected to appreciate or if there is high demand for multi-family housing in the area, holding onto the property until after rezoning can yield significant returns. This long-term investment strategy can be lucrative for those who can afford to wait.

Key Considerations for Homeowners

Rezoning Process

The rezoning process can be lengthy and complex. It typically involves multiple steps, including public hearings and approvals from the city council. Homeowners should be prepared for this time-consuming process.

Costs and Efforts

Rezoning may incur additional costs, such as application fees, legal expenses, and costs associated with meeting city requirements. These financial considerations should be factored into your decision-making process.

Market Trends

Analyzing local real estate market trends is crucial. Understanding whether property values are likely to increase post-rezoning can help determine the best course of action.

Consulting with a Real Estate Professional

Navigating the decision to sell before or after rezoning can be complex. Consulting with a knowledgeable realtor, such as Veronica Yoo, your Coquitlam local realtor, who has a deep understanding of Coquitlam’s market conditions and the rezoning process, can provide valuable insights. Veronica can guide you through the pros and cons of each option, helping you make an informed decision that aligns with your financial goals and timelines.

Conclusion

In summary, if maximizing the sale price is a priority and the rezoning process is feasible, it may be advantageous to sell after rezoning. However, if simplicity and certainty are more important, selling before rezoning might be the better option. Each homeowner’s situation is unique, and consulting with a real estate professional like Veronica Yoo can help tailor the best strategy for your specific circumstances. Whether you choose to sell before or after rezoning, making an informed decision will help you achieve the best possible outcome for your property.

For those in Coquitlam, leveraging local expertise and understanding the nuances of the city’s zoning regulations can make a significant difference. Contact Veronica Yoo for a consultation to explore the best options for your property and make the most of the current real estate market dynamics.