Why You Need to Think Carefully Before Planning a Major Subdivision
While land ownership is generally considered to be a solid, long-term investment, it can represent a challenge to some when their circumstances change. If you're in this situation and own a particularly sprawling lot, you may want to sell off part of it. What do you need to consider before you go ahead with your subdivision plans, and why is it essential to choose an experienced partner?
Touch of Realism
First, try to be as practical as possible and not to bite off more than you can chew. In an ideal world, you may be able to get more value for your land if you can split it up into smaller parts and, therefore, attract more buyers. However, you need to see whether this is practical and whether your proposal would find a willing market. Look at other, similar developments in your area to see what type of property appears to be doing well. You should mirror this as much as possible so that your plots can be sold at market rate and will be equally as attractive as any alternatives.
Restrictions and Zoning
Before you go too much further, however, check with local land authorities to see whether restrictions may prohibit you from moving forward. You need to ensure that the land is zoned accordingly and that you can build the type of property you have in mind, and make sure that you do this research very carefully before you spend another penny.
Added Infrastructure
You may also be required by the local government to dedicate part of your land improvement to rights-of-way. This imposition may be particularly important in a more extensive development where you are thinking about building more homes, and you may also have to dedicate part of your land to structural improvement. For example, you may have to install a central reservation between two sides of your access road with vegetation or trees in the median. You may have to add sidewalks, storm drains, and other facilities to conform with government legislation and make your entire development legal.
Working With Experts
Above all else, you will want to partner with a subdivision contractor that knows exactly what they're doing. They need to be able to design and build not just the properties themselves but the surrounding infrastructure and understand what challenges may come along as work gets underway. Contact a subdivision contractor in your area to learn more.
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