Property Development Tips
Property development seems like an easy process for novice real estate developers. However, this is not always the case since oversights slow down the process or increase the development costs. Below is a property development guide to assist you as you invest in real estate.
Consider A Land Survey
A land survey will help establish various features of your property, including;
- Its exact boundaries. Remember, you risk conflict or compensation claims from your neighbours or government if you violate land boundaries.
- The property's topography gives insights into how to orient the property and where to build the various installations.
- The vulnerability of the property to flooding and landslides. It is especially so if your plot has steep slopes or poor stormwater drainage.
- If the property has access to a waterfront, the land survey helps you establish the riparian zone.
- The viability of land subdivision strategies. For example, you might want to sell or lease part of the property to raise construction funds.
- The land survey can also help you appraise the property. This way, you have an easy time setting an asking price.
Assess Local Development Laws
Local development laws significantly impact the design and use of your property. If you disregard them, you risk severe repercussions, including forced demolitions. If you are not conversant with local development laws, hire a property lawyer or land development consultant to acquaint you with these regulations. For instance, examine the zoning laws to determine whether you should build a residential, industrial, or commercial property. The building code gives insights into the property design and safety features. For example, commercial and industrial properties must have essential safety measures to reduce fire damage. On the other hand, you could be compelled to consider specific building designs to preserve the area's historical significance or appeal. The code could also prescribe the building foundation and height. Remember to examine the permits and certifications required when building the development. For instance, you could need a certifier to accredit the various construction phases.
Consider Sustainability
Sustainability is a growing concern in the property development sector. It reduces construction and building maintenance costs. Moreover, it goes a long way in helping conserve the environment. Consult your construction team to determine how to integrate sustainability into the construction process. For example, you could use precast materials or sustainable timber during construction. Moreover, you could recycle water and use solar power at the site. You must also ensure that the building design guarantees high energy efficiency.
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