Are you starting to take your first steps into the property development world? If so, you are probably keen to get started quickly and begin to see a return on your investment. There is no doubt that developing property can be highly lucrative, but it does carry risks. Finding ways to minimize the risks involved while ensuring that your profits are maximized can be a difficult balance to achieve. However, it is well worth the effort. One of the most significant considerations when taking on a property development project is choosing the best location. There will be many things that you change as your project progresses, but the location is not one of them. Taking your time to find the perfect place will pay off in the long term and increase the value of your investment. There are a few factors that will make or break your choice of location, so here are some of the considerations to keep in mind:
Your first step should be to find out if there are any restrictions on the land that you are hoping to develop. While the restrictions may not stop you from getting through the planning process, they can cause delays and extra hassle if you are not aware of them from the start. Different areas have different types of restrictions. Depending on where you are planning to develop, you may need to consider aboriginal cultural heritage services as part of your development or conservation area restrictions. It is vital to get professional help if you are dealing with land in these areas as you will need specialist knowledge and may need to commission reports to assess the land.
The conditions of the ground you are hoping to develop will have a significant impact on the viability of the project. Ensuring that the surrounding environment for your proposed site is suitable is a must. You will need to look out for potential issues such as ground that is unsuitable for building on, mine shafts, the previous use of the land, and its accessibility.
Choosing a development location that is difficult to reach can add to the time it takes to complete your project and may involve additional costs caused by extra equipment being needed to access the site.
Having the land thoroughly surveyed and carrying out research will flag up any potential issues so that you can prepare for them from the very beginning of the project.
Covering all the above issues will help your development get off to a promising start, but to make it a success, you need to ensure that people will want to buy the homes you build. As with all real estate matters, the location has a substantial impact on whether or not people want to buy a home. Choosing a location for your construction that is close to local amenities and facilities will help make your properties more attractive to potential buyers and should help you to realize a better selling price.