In real estate, what is the main consequence of a variance?

The main consequence of a variance in real estate is that it allows for a deviation from local zoning laws. A variance is a specific permission granted by a local government authority to use the land in a way that is not typically permitted by the existing zoning regulations. This is often sought by property owners who have unique circumstances that make it difficult to use their property as intended by current zoning ordinances. For instance, a homeowner might apply for a variance to build closer to the property line than the zoning laws typically allow.

When a variance is granted, it provides flexibility to property owners, enabling them to develop or use their land in a manner that would otherwise be restricted. This can lead to a more practical use of the property, accommodating the owner's needs while still aligning with the overall goals of the zoning regulations. The approval of a variance often involves a public hearing and consideration of factors such as the impact on surrounding properties and the community.

The other options might imply negative consequences or outcomes that do not directly relate to the primary purpose of a variance. For example, while reduced property value and increased property taxes may occur in different circumstances, they are not inherent to the concept of a variance itself. Legal penalties for non-compliance would apply if a property owner ignored zoning