As a property owner, you have many things to worry about: evaluating the rental market, preparing and maintaining your rental homes, and making sure your residents are in compliance with their leases. These are all essential to having a rental property, but there are other big picture considerations to the success of your property that you may have not considered – like city council meetings.
The city council meeting is a staple of local regulation. Property owners need to understand that city ordinances play a big role in how they operate their rental homes. Property owners should attend the city council meetings in the town or towns where their rental homes are located. Being proactive and attending city council meetings can make a big difference in how your city regulates rental properties, as well as give you an advantage in your efforts to boost your property’s value.
There are many functions of the city council meeting that directly impact a property’s value. Zoning, planning, construction, and other elements can have either a negative or a positive effect on property values and various aspects of property ownership.
For example, zoning decisions can greatly impact a property’s value. In developed residential areas, zoning helps protect and promote property values. If, however, 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. City council also impact whether short term leases will be allowed and other lease type regulations. Another local example for Coeur d’Alene is a new short term rental fee, this applies to things like summer rentals or AirBNBs due to the turn over rate and the paper involved with the city. These are all issues that effect how you run your property and being involved in the process allows to know the ins and outs of the issues but also provide input and make sure your voice and business is thought of.
Planning and construction can have an equally serious impact on property values. The quality and availability of roads, public transportation, schools, and utilities can all affect a property’s value and these are discussed and implemented through city council. There are some pros and cons to these issues. Let’s say that your property rental is adjacent to a developing area. New construction may help raise property values by bringing in more people, more money, new schools, and other amenities. However conversely there may not be enough demand to sell these new homes, it might have a negative impact on your property 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.
In any case the important note is to take ownership of the bigger picture issues that may effect your property’s value through attending city council meetings.
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