Land subdivision is one of the most beneficial strategies to consider if you are interested in developing your property for profit. The process involves creating multiple lots from a large piece of owned land. The individual sections can be sold separately to different individuals or developed independently for maximum returns. However, land subdivisions cannot be approached lightly. While the concept is simple, the actual practice can be complicated, time-consuming and relatively expensive. If you are interested in undertaking land subdivision for the first time, you should consider using the research and planning guidelines below for optimal results.
Plan for Land Survey
You should not plan for land subdivision before commissioning a survey of your property. Land surveying will help you understand the essential details of your asset. Consequently, you will have sufficient information when making a decision on whether to proceed with subdivision or abandon the idea. The survey should help you determine the boundaries of your current tract of land and the shape of the property. Also, you will learn the exact size of the land you wish to develop. Additionally, you should inquire about easements and other legal elements which might affect your ability to subdivide or otherwise modify your land.
Check the Market Price
You should learn the current and projected value of properties similar to yours in the local market. In simple terms, you should not proceed with the subdivision work before understanding the potential returns. The information that you will gain through this research will be invaluable in helping you choose the right approach for maximum profit. Ideally, you should learn the potential returns if you sell the entire piece of land as-is and make a comparison with the total returns after subdivision. You should also inquire about the benefits of selling an empty lot versus holding on to it for capital growth or building a home and then selling. You should evaluate all the possibilities and choose the most suitable for your needs.
Study the Zoning Regulations
Finally, you should conduct comprehensive research on the zoning laws and regulations imposed on your area. If you make plans without thinking about the legal obstacles and provisions, you will end up losing money and wasting time. You should learn the minimum lot sizes that are allowed within your location or zone. You should also find out if the council has rules on the layout of lots and general land design. In addition, you might need to consider neighbourhood covenants which might restrict your development options.
Share5 February 2018
Last year, I noticed that my home was very cold and draughty. I called in a team of general contractors and asked them to assess the property. The problem was with my windows. The window frames were pretty old and they let a lot of cold air into my home. The contractor also found a problem with my HVAC system, which was also causing problems with the circulation of air around my home. The contractors carried out repair work and now my home is nice and warm. I hope this blog helps you to understand how a team of general contractors can help you.