Land lots can be incredibly valuable investments. Whether you have a particular development project in mind or are considering various land development options, the purchase of the land itself is a process that requires knowledge and wisdom. These details make you a discerning investor who can select a prime lot for development.
Test Soil Quality
Many people overlook a very simple quality that's necessary for any land development: good soil quality. Waterfront and other land parcels might seem attractive at first, but when you discover some can't be built on, that could affect your plans. You must always remain mindful of soil types and location before purchasing anything. No matter how large or beautiful a lot is, if it can't support structures, it may not be the right lot for you.
Whenever you're about to buy a singular lot, collect and send soil off to a county or state testing facility. They'll issue a report which should provide enough information about whether the lot is a good one for development.
Seek Relevant Zoning Rules
Zoning will dictate almost everything about what can be developed on a particular lot. If your plan is to build a beautiful multi-family building but zoning doesn't permit that, you'll have a problem. Every single city, town, and village has zoning rules. Early on in the process, you need to seek, look up or secure a copy of those guidelines. You've got to discuss with your team whether the rules allow you to realize your particular development dreams. If not, the lot search must continue. You might try for a "variance" -- one-time permission -- but if you're not granted it, be ready to look further.
At times, searching for lots is frustrating. You might have had a certain size in your mind, but most lots are too small or large. Large lots could turn out to be just fine; remember you can just divide a big lot. Use the portion you need, and then sell different pieces off. Of course, you'll need to afford a large, single lot; think about whether it could pay off for you to get a commercial loan and subdivide much later.
Knowing more about individual land lots and their purchase will enable you to have the right foundation for the rest of your project. Work with land developers who understand the process and can make recommendations for your project as it goes forward.Share