Choosing the right land for your property development
How do you go about choosing the right land for your property development? When it comes to property development, the success of your real estate investment is heavily dependent of finding the right plot of land. Although your financial muscle will determine your choice of land, there are some other aspects to consider. These tips will help highlight the aspects you need to consider to help you pick the best plot of land.
Low-lying areas and steep slopes
As you start your search for a plot of land, avoid low-lying areas, as well as steep slopes. With the extreme weather conditions that we are currently experiencing as a result of global warming, unexpected weather can present itself at any point. Low lying areas can be susceptible and at a higher risk of flooding. Although this risk can be mitigated, the cost of this can sometimes be prohibitively high. Steep slopes are also equally problematic as they require extra work and resources. This will also add to the cost of the construction. In addition, steep slopes greatly minimise the amount of usable space on your plot of land.
Check local construction regulations
Before you proceed to purchase a plot of land research the local construction laws, as well as zoning by-laws. As such it is very important to understand the type of construction that will be permitted on your plot of land. For example, some areas are strictly reserved for residential construction, while others can be used for residential as well as commercial construction. This knowledge will also aid you figure out what your neighbours are allowed to do with their land.
Assess the resale value
Buying real estate is an investment decision, as such it is important that you invest in a piece of real estate that has the best chance of value appreciation. The location of the plot of land will have a huge bearing on the resale value. Consult with experts to figure out the cost of constructing on the plot of land and what you can resale the property for. It is essential that you don’t lose money on your investment. Also evaluate aspects in the area that you adversely affect the value of homes in that area.
Research the history
One of the most fundamental things that you must do as a real estate investor is research the history of the land. You need to know what the land was used for in the past as it has a huge bearing on the value of a plot of land. Moreover, knowledge of the history of the land will help you assess the risks that may be associated with the land. For example, the land could have previously used for something that has left contaminates that can affect your health. In addition, carry out a geological survey o you know what time of soil is on the land. This is important as some land sits on rock or certain soil types that hinder the construction process.
Consider the direction of your home
Another fairly important consideration that is often overlooked at this stage is the direction the property will face. The direction the home faces is paramount is determining the suitability of a plot of land. For your home to receive the most amount of sunlight you can build it facing the sun. However, remember that in the summer this will contribute to making the home uncomfortably warm.
Plots with irregular shapes
It is best to steer clear and stay away from plots of land with irregular shapes. Such plots of land pose as peculiar challenge as they can be quite tricky to work on. One of the biggest challenges they present is that they can significantly reduce the amount of usable land. Moreover, irregular plots of land make it quite difficult to position the house correctly.
Access to services
If the plot of land you are considering is located in an isolated area it is quite important to consider the availability of services. Available infrastructure in the area is also another important item to keep in mind. In the event that you are still interested in the plot of land regardless of the absence of services then you must seriously look at the alternatives and the financial connotations.