Property Development Tips
Posted on: 6 April 2022
If you are an aspiring property developer, you could be in a dilemma over how to develop your land. In most cases, developers incur losses since they do not conduct research and assessments before commencing construction work. However, reading this article can help you avoid property development oversights. It explains what to consider when developing your land.
Ask For A Market Survey
Although you could be inclined towards a specific development, you need to assess market dynamics and government regulations. Preferably, hire a real estate development consultant to conduct market research. Ideally, the professional should determine the zoning regulations and development laws to know the type of property you can erect in the area. Moreover, they check upcoming laws and consult with the local government to know if there are proposed civil works projects in the area or a change in land use. The professional also evaluates the area's demographics and needs to determine the current market gaps. The assessment ensures you make an informed decision when developing the property.
If you wish to subdivide the property, consider these tips:
- The plots should be reasonably sized. For instance, if you intend to build single-family units, the plots should be large enough to construct a home and a surrounding landscape.
- Examine the functionality of the plots. For example, are they accessible? Do they have excellent drainage? Do the plots have access to water and gas?
- If the property nears a water body, the subdivision should be such that property owners do not encroach on riparian land.
- Leave an allocation for commercial development and social amenities such as schools if the property will have tens or hundreds of plots.
Ideally, you will need a surveyor's input when subdividing the property. The professional will ensure that the subdivision complies with local regulations. Moreover, they will ensure that the new plots are marketable to your intended clients. For example, the professional could advise you to include recreational areas to make the property marketable.
Work With Construction Professionals
The rule when developing your property is to work with licenced and experienced professionals such as:
- Geotechnical engineers to examine the site conditions. For instance, the area could be prone to flooding. Besides, it could have unstable soils or underground minerals.
- Architects to design the building's blueprints.
- Engineers to ensure the building's structural features can handle its load.
- A contractor to actualise the architect's vision.
- Building surveyors certify the construction work and ensure the contractor complies with construction regulations.
When developing your property, conduct a market survey, work with professionals, and consider the recommended subdivision tips.Share