"H" Zoning

[steponmebbbboom]

FWIW... and i realise this is an old thread...
IMHO this is an ill-advised venture.
properties that are zoned "H" in a residential area are usually zoned that way because of some extenuating circumstance that makes them undesireable for a strictly residential dwelling.
in the case of a mixed use building on Cannon st. (in its current express one-way use) an "H" zoning makes sense here because of the very good commercial exposure from high density vehicular traffic. in terms of residential use, these buildings suck the big one. who wants to be woken up at four in the morning by a harley or a rice rocket every night?
this would also explain the typical run-down nature of mixed use houses on a busy street. many of these houses were built before high traffic noise was a problem and had to be adapted to mixed-use because no one who could afford to live in a quiet setting would tolerate it. this means low rents and obnoxious, loud neighbours who trash their apartments and keep water heaters and upside-down baby carriages on their front porches.
that is not to say there aren't any sad looking houses that could be brought back to magnificence by a motivated and responsible owner.
but we are looking down the barrel of another economic meltdown. one cannot afford to overlook the future value of a home unless one is already well-established and not about to take on a huge mortgage expense they will be responsible for decades down the road. it costs very little to live once a mortgage is paid off. but if you are five years into a mortgage and lose your job or get divorced, can you afford to put your house on the market and have it sit there for months, and in some cases years, without so much as a walk-through?
likely not.
you will probably have to firesale it to get it sold and take a huge haircut on your investment. you could be left with a mortgage you still owe money on and no home to show for it.
a young person with little or no equity cannot afford to buy a home these days without carefully considering future value. busy streets kill value, especially in bad neighborhoods. if you rent out part of a house and collect rent, and use the rest for yourself and a home business, a H zoned house makes sense if you can put down 35%. but god help you if you buy such a home and spend $20K removing the H zoning and any other such features which may make it desireable to anyone. The permitted commercial uses that come with an "H" zoning are usually the only thing these sad houses have going for them.
my advice is to leave such ventures to those who are independently wealthy and can afford to do it.
first, get a mortgage broker who will explain mortgages to you and get pre-approved for a set value so you know your budget. ask lots of questions just like these ones. then get a good realtor who will represent you as a buyer and is willing to discuss with you what you really want out of a home, and let them find one for you. commissions are the responsibility of the seller so it won't cost you anything. hamilton has a ton of character homes and you will eventually find one you can be proud of, if you know what to look for and be patient. good luck.