What is variance?
A variance is a request to deviate from current zoning requirements. In Singapore’s real estate market, variances can be used to allow for unique property developments or renovations.
Understanding variance
A variance is a request made to a governing body to deviate from set rules of development. It is often granted when the application of a zoning ordinance deprives a property of privileges enjoyed by similar properties because of special circumstances unique to the property.
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Variance requests are often reviewed by a zoning board or similar body, which considers factors such as the impact on the neighbourhood, the hardship to the property owner, and the public interest.
Importance of variance in real estate and property
In the context of real estate, variances can be used to allow for unique property developments or renovations that would otherwise be prohibited by zoning laws. For instance, a property owner might request a variance to build an extension on their home that would encroach on a setback requirement.
Variances can also be used to allow for non-standard uses of a property, such as operating a home-based business in a residentially zoned area. In Singapore, the Urban Redevelopment Authority is responsible for reviewing variance requests and making decisions based on the Planning Act.
Conclusion
Variances can play a significant role in real estate, allowing for unique property developments or renovations. Understanding how variances work can help property owners and developers navigate zoning regulations more effectively.
Obtaining a variance can be a complex and time-consuming process, and it’s often advisable to seek professional advice.
