How to choose the right vacant land for your property development
When it comes to property development, picking the best plot of land is essential to the success of your investment. Your budget is an obvious starting point but there are plenty of other aspects of the land you’ll need to consider. Avoid plots that have an irregular shape as well as corner pieces of land. Likewise, it’s unwise to buy plots with steep slopes. Once you know what you’re looking for, you can find land for sale on GotProperty.
Avoid low-lying land and steep slopes
Low-lying land is at a higher risk of flooding. While construction techniques can be used to mitigate the risk, these processes will add to the cost of your property development.
Likewise, steep slopes can incur additional costs for excavation and piling. Steep slopes also decrease the amount of usable land on your plot, which means that your family will have a smaller outdoor space to enjoy.
Check the zoning laws
Zoning by-laws guide what is permitted in the surrounding area as well as the type of property development allowed on your plot. While some areas are strictly residential, others allow certain types of professional offices.
If you plan to work as a lawyer or doctor from your home office, you’ll need to check these by-laws. The regulations also affect what your
Assess the resale value
The location of the plot will have an impact on the property’s resale value. In property development, it’s important to check what you can sell the house for to ensure that you don’t lose money on your investment.
While you’ll need to take your budget into consideration, purchasing a cheap piece of land may end up costing you in the long run. The development of industry or plans to rezone the area can have a negative impact on your property’s resale value.
Research the history
Ask around to learn what the land was used for in the past. This information will enable you to detect potential risks, such as poisoned land. It’s also advisable to find out if there are any geological limitations. Clay and dolomite can hinder the building process by making it more challenging to develop.
Consider the direction of your home
When you’re evaluating the suitability of a plot of land, consider which way your home will be facing. If you want to enjoy the sunshine, you’ll need to build the house so that it faces north. However, in extreme heat, a south-facing home may help to keep you cool.
Avoid plots with irregular shapes
Pieces of land with an irregular shape can be tricky to work with. They can make it challenging to position the house correctly and they may also decrease the availability of useable land.
Access to services
If you’re buying land in a pre-existing suburb, access to services may not be an important consideration. However, more isolated locations require you to consider the area’s infrastructure. Sewage and water installations are an important consideration. You’ll also need to assess the accessibility of electrical installations.
If these services aren’t available, you may want to think twice about buying the plot or you consider the alternatives. Septic tanks for sewage and solar panels for electricity can be used instead.
Now that you know more about property development, you can look for land on GotProperty. With a wide selection of plots for sale, it’s convenient to find a piece of land that matches your requirements.
