When you find a right piece of raw land, and start to build a property on that land, you will know that it is called land development. It is easier to find a new land, and develop it, rather than finding an existing property and renovating it.
According to Meerwise Habibzi, it is a complex process. You will know that there is an incredible scope to earn financial rewards, after building something to benefit local community.
It is vital to know what you are getting yourself, once you make a big decision in investing in land development. There are various types of steps in land development, and you will know that it is a multi- faced job.
It is time to discuss the stages of land development process, which a novice land developer should know in detail.
Choosing The Perfect Parcel of Land
You will need to conduct a feasibility study, and due diligence, as you start to find the right location. There is room for little mistakes, as some countries have strict property legislation.
While you need to choose such land that meets your criteria, you will need to do the homework as well. According to Meerwise Habibzi, you are allowed to build on the type of property that you are looking to develop.
You need to consider the following, as you are looking for land. These are:
- Is it historical or heritage site
- Site restrictions, and zoning of land
- Existence of utilities and infrastructure
- Risk of flood and fire
- Public transport routes
- Needs of local population, and local economy
Will Your Project Be Profitable?
You will need to account for any additional costs, which may be incurred, while you assume the land is zoned correctly. While you do land development plan, you will need to consider lack of utilities and infrastructure that can drive up the development cost as well.
It is necessary to keep in mind the preparation and cleaning of land for development. You will struggle to sell or rent out your development if the local economy is not strong. These factors will impact the capacity to secure financial backing, as feasibility study is being compared.
You will be able to secure finance, and can begin the process of acquiring land, once you completed the steps.
Design Beyond Reapproach
According to Meerwise Habibzi, there are many technical aspects that will come in play, as you design the development of land.
While you will able to adhere to the restrictions, and rules, you will know generative design will permit you to create hundreds of different building options.
While you will be able to run static feasibility analysis on select design, you will be allowed to identify various problems, and assess different concepts. While you will get the chance to council submission for development approval, you will be able to involve your architect.
Build a Team and Prepare to Break Ground
You will need to bring additional people on board, as you have the right piece of land. According to Meerwise Habibzi, you will need to consult with property finance advisor, architect, and council along with few other people as well.
Your ideal team should include the type of people who understand land development, and are familiar with such development. There should be marketing team, project manager, real estate agent, building contractor, and conveyancer.
Market Analysis
It is necessary for you to evaluate the market for new development, as you push for development process. If you are looking for property development, and you find the development is not possible, you may go for development land for sale in Toronto.
When surveying the land, you will need to check that the land not only fits in the community the land occupies, but also make the project fit on the site.
While you may push it into the following stages of development, there should be a market analysis that can help finance the project.
Zoning And Building Permits
When it comes to the land development, there are legal factors, which play a significant role. When it comes to projects on certain land, there should be rezoning and zoning as well. For example, if the land is fit for multi- family units, you cannot build a solar project.
You need to consider city ordinances, local restrictions, easement and building codes as well, as you start the development of land. There are several strings and regulations attached with land development. It is vital to find them early rather than in later stages.
There will be no additional delays if you are doing proper research on development timelines, and on – site requirements.
Area Structure Plan (ASP)
According to Meerwise Habibzi, you need to do area structure plan, which is one of the processes of land development. The land development will be successful if the technical documents and planning are correct.
It is necessary that document should guide the development process, and should be used as project reference. It is the responsibility of developer to develop the draft of area structure planning so that everything goes smooth.
It is necessary that you should check with municipality to determine the limitations as well.
Final Words
There are mainly seven steps of land development. You will need understand every step for land development.
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