assess if the investment is economically feasible.
Land Development Process
Any type of investment must be able to generate consistent cash flow. Land development is the best investment opportunity. 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.
When entering this business, investors must do their research thoroughly. It’s critical to educate yourself on the market you plan to invest in, and understand when to buy and look at the growth in the surrounding area.
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 natural and man-made features (wetlands, steep slopes floodplains, historic structures, 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
Understand if the site serves utilities such as water and sewer
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