If you're planning to buy land for development, the first thing you need to decide is where. The right location is everything in land development. It can mean the difference between selling at a loss and seeing a huge appreciation in the value of your developed property. Here are a few things to consider when scouting locations for land development.
Know Your Purpose When Choosing a Location for Land Development
The initial question to deal with is what will you be developing on your land? Your location needs may vary widely depending on whether you are planning to develop a single residence, an apartment, a retirement home, a retail store or a vacation spot. The more you plan and anticipate, the easier it will be to decide where to buy your land.
Land Development and Weather in Different Locations
One major factor in land value is weather. Land in areas where it is mild and sunny all year long may be more appealing than places that suffer heavy snowfalls, windstorms or humidity. Know the weather conditions in the areas you are considering and think about how that will affect your development.
Land Development and Access to Your Location
Full access to utilities is a location factor that you cannot overlook. Your property must have access to water, power and sewage disposal. In many cases, but not all, you will be developing a property that needs access to local roads and to postal services as well. Don't wait until after you have made a major land purchase to build apartments to find out that there is no easy way to get to the local supermarket from your property.
Types of Locations for Land Development
An ideal location for land development has lots of flat land. Flat land is among the most inexpensive types of land to buy but is ideal for building. At the other end of the spectrum is swampland, which is a very difficult foundation for building.
The key to finding good locations for land developments is patience. Take the time to plan what you need and take as much time to find the right spot. There's usually no hurry to buy your land, but once bought, it will be difficult to unload if it's not the right spot. Researching and considering every possibility are among your best bets for finding a location that will cause your property to continue to rise in value.
