assess if the investment is economically feasible.
Land Development Process
The core of any type of investment is its ability to deliver consistent cash flow. Land development is the best investment opportunity. Land is a scarce resource that makes it very valuable today. If you purchase a piece of land in an area that’s headed toward development, your land’s worth can exponentially increase than your purchase price.
Of course, any investors should perform their due diligence thoroughly when entering this business. It’s critical to educate yourself on the market you plan to invest in, and understand when to buy and look at the growth in the surrounding area.
When buying a piece of land, there are a few things you should look into first, including the features of the land and factors that could limit the potential for development. Here is a list of things you should consider when purchasing land.
Identify manmade and natural features (wetlands, steep slopes, floodplains, historic structure, etc.)
Obtain title report to know existing easements, restrictions, and covenants
Understand the permitted use for the site
Find out the regulations applicable to your proposed use
Obtain zoning approval
Make sure you know if the site is connected to utilities like water and sewer.
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