The Benefits of Lot Splitting under SB-9: Exploring the Advantages

Author
Gloria Riecher
Published on
Oct 26, 2023
Category
SB-9 Split
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Lot splitting under California SB-9 offers a multitude of advantages that cater to both property owners and the broader community. By leveraging this opportunity, individuals can unlock significant benefits in terms of property value, increased density, investment opportunities, and bolstering housing supply.
- Lot Splitting Benefits: One of the primary advantages of SB-9 is the ability to divide a single residential lot into two, essentially creating a valuable second property from an existing one. This not only expands property owners’ real estate portfolios but also opens doors to numerous financial opportunities.
- Property Value Increase: The division of a lot often results in an immediate increase in property value. By creating two separate parcels, property owners can tap into the growing demand for housing, making their investments more valuable and attractive to potential buyers or renters.
- Increased Density: SB-9 promotes increased residential density in areas where single-family homes previously dominated. This concept contributes to optimizing land use and promoting more efficient urban planning, which is crucial for addressing California’s housing shortage.
- Investment Opportunities: Lot splitting presents property owners with new investment prospects. The ability to develop, rent, or sell the newly created parcels provides a diverse set of income and financial growth opportunities, making it an appealing option for those seeking to expand their real estate investments.
- Housing Supply: A crucial advantage of SB-9 is its role in bolstering housing supply. As more lots are divided and developed into residential units, the overall housing stock in California is expected to increase, thereby addressing the pressing need for more housing options, particularly in high-demand areas.
By embracing the benefits of lot splitting under SB-9, property owners can not only enhance their financial portfolios but also contribute to the ongoing effort to alleviate California’s housing crisis. The increased density and additional housing supply make this legislation a key player in transforming the housing landscape and creating more accessible and diverse housing options for the state’s residents.