When you purchase a piece of property, you likely think about the land and the house. What about the space above your property? Knowing about air rights is crucial, especially if you’re considering any future developments or potential sales.
What are air rights?
Air rights are the property rights to the space above your land. While you own the immediate air space above your property, you don’t own the infinite sky above it. This concept has become more relevant with the rise of urban development, where individuals sell or lease airspace separately from the land itself.
Air rights in Florida
In Florida, air rights can be quite valuable. Even more so in urban areas where space is limited and vertical development is common. If you own property in a city, developers might have an interest in purchasing or leasing your air rights to build higher structures. You could potentially earn income by allowing another party to use the airspace above your property.
However, selling or leasing air rights involves complex legal considerations. You’ll need to comply with zoning laws, building codes, and other regulations. Additionally, once you sell your air rights, you may lose the ability to expand vertically on your property.
The importance of knowing your rights
Property ownership and real estate law encompass more than just the land beneath your feet—they extend to the air above it. Being aware of how these elements intersect can reveal opportunities and challenges that are often overlooked. By staying informed, you can better navigate the complexities that come with your property, making strategic decisions that align with your goals.