Property Development Tips
Property development seems like a straightforward concept. Nevertheless, it poses a myriad of challenges to novice developers. Below is an article with some property development insights.
Check The Development Regulations
Disregarding development regulations could land you in legal problems. Therefore, assess the following before commencing building works.
- What are the zoning laws? Zoning regulations prescribe the type of development and property use. For instance, the area could be zoned as a commercial or mixed-use area.
- Is the area listed as a heritage site? If it is, you could be compelled to ensure your development complies with specified architectural features.
- Check the building code to know if the building needs certain structural features. For instance, the building code could prescribe piled foundations if the area is prone to flooding.
- Examine the strata regulations if your land is located in a strata development. For example, you could be prevented from building a patio on the front lawn.
- Check whether there are proposed regulations that could affect the proposed development. For example, the local council could have proposed a road or railway line close to the property.
- Check whether the property has easements that could affect your development. For instance, the local power company might want to install overhead power lines on the property.
Consider The Need For Subdivision
Subdivision is a creative development strategy. First, it can help you raise capital for your proposed development. For instance, you could sell one of the subdivided plots to raise funding. Alternatively, you could use the subdivision as a risk management strategy. For example, you could use one of the new titles as security for a development loan. This way, you do not lose your entire development if you cannot repay the bank.
A lands surveyor should help you with the subdivision process. For instance, the professional maps out the property boundaries to determine the land size. Moreover, they acquaint you with the subdivision regulations. For instance, most local councils have rules determining the minimum plot size. Besides, the local council could require developers to incorporate essential amenities such as access roads, power, and water. Moreover, the developer must ensure the subdivision has functional stormwater drainage systems. Your lands surveyor creates a subdivision plan and lodges it at the lands office. They also seek licences from government parastatals and utility providers. The professional also hires contractors to install drainage lines, fences, and access roads once the local council approves the subdivision plan.
Reach out to a property development agency for more information.