If you’re buying a home in a planned community, you’re likely to encounter a variety of building scheme regulations. Building scheme regulations can impact everything from the colour of your walls to the configuration of your yard to whether or not you can run a home-based business. These regulations are fully enforceable by law, and breaking them can have serious consequences. Here’s what you need to know.
What is a Building Scheme, and How Does it Work?
So how do building schemes work, and what implications do they have for buyers and sellers? A building scheme regulation is a specific set of rules that governs what you can and can’t do with your home and the property it sits on. Whether you own or rent, a building scheme determines what colours you can paint your walls, what styles and finishes you can have on your home’s roof and exterior, where you can store your car and other machinery, whether you’re allowed to build a storage shed on your property, and whether you’re allowed to run a business out of your home.
Developers usually create building schemes to benefit the various property owners in the development. If you violate your building scheme, the developer or other homeowners in the area may take legal action against you.
How Does a Building Scheme Affect Renovations and Resale?
A building scheme restricts what kinds of renovations you can carry out on your home. For example, you might be required to meet certain landscaping standards or renovate your property to be more energy efficient. One common kind of restriction on renovations in building schemes limits the property’s use – for instance, saying that your home can only be used as a single family dwelling, not as a rental suite, bed & breakfast, daycare, or other place of business. Other common terms in building scheme regulations may prevent you from setting up a tent on your own property or require you to trim your trees to a certain height.
If you’re planning to sell in a few years, you may find that selling a property in a building scheme isn’t all that easy. The limited property use may turn off potential buyers, which means you’ll have a smaller buyer pool to appeal to.
This is where a real estate agent who is also an expert marketer can help you. With Chamberlain Property Group, you benefit from years of marketing expertise to get your property sold – building scheme or no building scheme. At Chamberlain Property Group, we have a strong track record of selling homes that other agents can’t sell. To get started, call us today at (778) 476-7778.