assess if the investment is economically feasible.
Land Development Process
Any type of investment must be able to generate consistent cash flow. Fortunately for investors, land development offers the highest reward. Furthermore, land is a limited resource, which makes it extremely 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.
There are several things you should consider before buying land. These include the land’s features and potential limitations. 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
Understand the permitted use for the site
Know the site regulations for 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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