If you are in real estate and are looking to expand your sales repertoire beyond the bounds of pre-existing homes and new builds, you might want to take a look at land development as your next step. Here are some things to consider if you decide to go that route.
Conduct a Land Survey
After locating a suitable and available plot of land to pursue your development project, you will need to do your due diligence to ensure the scope and scale of your endeavor is within the bounds of what is allowed in the area.
Your first step will be to work with a professional land surveyor to properly assess the area. They will determine a range of findings for you, some of which will include locating property lines and definitely defining property boundaries, identifying and locating easements and encroachments, and determining accurate acreage, among other things. Lenders, title companies, and city zoning committees often require the results of a professional land survey before proceeding with permitting and projects, or loans.
Learn About the Neighbors
Learning about the property’s existing neighbors might not seem high on your to-do list, but getting to know the people who live in the area is a good idea to help you understand how your new development can be created in harmony with those who live nearby, instead of becoming a contentious and potential legal issue for everyone involved.
Meet with the locals at a scheduled meet and greet or town hall meeting. Ask city officials, development personnel, and local residents to attend. Discuss your plans and listen to their concerns. Try to assuage them with accurate information so everyone can go home happier and more informed than when they arrived. Change is difficult for many people, and it will be helpful to remember that moving forward.
Conduct an Environmental Study
The mere mention of an environmental study gives people a pause in some circles. But there is a case to conduct one, even if your local laws do not require it. After all, once previously untouched land has been developed, it can never be returned to its natural state.
If you proceed with an environmental study, this effort does not mean you will be undermining your own efforts at developing the land. Instead, it means that you are possibly appeasing the concerns of the current landowners and homeowners in the area. If anything is found on your proposed project site, that does not immediately indicate that you cannot move forward with your development project. Instead, it indicates an opportunity to take care of the environment and pursue your real estate goals in tandem, albeit with a potentially different approach than before.
If you are pursuing a land development project in the near future, you already know that it is a major undertaking, especially since you will be changing the landscape. However, you can bring your project to fruition by following the appropriate protocols and processes. Focus on working with adjacent landowners and the surrounding environment to create a better project for everyone and everything.