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. Fortunately for investors, land development offers the highest reward. 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 is important to learn about the market and to understand when to buy.
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’s a checklist of things to consider when buying a land:
Identify manmade and natural features (wetlands, steep slopes, floodplains, historic structure, etc.)
Obtain title report to know existing easements, restrictions, and covenants
Learn about the permissible uses of the site
Know the site regulations for your proposed use
Obtain zoning approval
Understand if the site serves utilities such as water and sewer
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