Land subdivision is a suitable venture for people who want to invest in the real estate business. Below is a short guide on the land subdivision process.
Start With A Market Survey
A market survey will help you determine the profitability of the venture. Typically, you should examine the following:
What is the current demand for land in the area? Check the price of plots to know whether you will get value for your money.
When are the high and low seasons? There is a low demand for land during the cold months. Summer and autumn are regarded as real estate hot seasons.
What size of plots are buyers looking for? If the parcel is too small, buyers will not have adequate space to build.
Check Zoning Laws
Zoning laws may prohibit you from subdividing the land. It happens when your plot is less than the minimum plot size required for subdivision. What amenities are required on the parcels? More often than not, the plots must have basic amenities such as water, electricity and gas. Besides, you are also required to install a road network to ensure future property owners can access their plots. Ask a real estate agent whether there are pending laws that may change current land use. For instance, the local council may be planning to change land use from residential to commercial use.
Leave Some Land For Personal Use
Leave some land for your personal use. You could either build your home on the property or use it as security to secure a loan to develop the property. Alternatively, you could sell the land at a higher price in the future.
Work With An Experienced Land Surveyor
An experienced surveyor will help you subdivide the plots. Below are some tips to help you choose a land surveyor:
Examine the surveyor's experience. Choose one that has handled similar projects in the past.
The professional should provide a comprehensive range of services. For example, other than subdivision and construction works, he or she should assist you to get permits to install water and electricity.
Examine the surveyor's contract of engagement. For example, what are his or her terms of contract contamination? How long will he or she take to complete the project? Will the surveyor have any subcontractors at the site?
When subdividing your land, conduct a market survey, check zoning laws, leave some property for personal use and work with an experienced surveyor.Share
7 August 2020
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