If you’re planning out a large construction project for the first time, then you’re probably very excited at the prospect of the finished result. However, whether it’s for business premises or a simple real estate investment, you don’t want to get ahead of yourself! The first step in your project will be selecting and buying land. Here are some important considerations for this initial phase.
First of all, the shape and area. I know that this might sound like a trivial aspect of a plot of land. Believe me, though, it’s just as important as anything else you need to think about. the shape of the plot will have a direct impact on how much wiggling room you get for your money. The most cost-effective shape is square or rectangular, with a wide front to allow easy access for the construction team. On the other hand, rounded or irregularly shaped plots of land can often present difficulties for the project going ahead. Of course, this can all depend on what you’re planning to build. When you land on a prospective plot, send some images and information to your architect to see what they think.
The type of soil you’re working with is another important consideration, which a lot of inexperienced developers seem to neglect. Sandy, light soils will often need extra reinforcement to make them suitable for building on. Rocky, clay-heavy soil generally makes for an easier ride. However, this isn’t always a given, and harder earth may need more excavation. If the land has been used for other commercial pursuits in the past, then it may require mining rehabilitation or some other service. As you can imagine, the condition of the soil can make a huge difference to the required budget of the whole project. Plot owners are obliged to tell you about the condition of the soil, so make sure you ask when you’re looking at prospective plots. Do your best to budget for any required work on the soil before construction begins.
Finally, the utilities. If you jump into your project without finding out about these, then the results can be absolutely disastrous. Most plots will be fully serviced for water, gas, electricity and so forth. However, if you’re in a rural area or an outer suburb, then you may find plots which need to be connected from scratch. Now, your first reaction might be to strike through any plots of land which aren’t going to be easy to fit with utilities. Generally, this is the right attitude to have. However, a plot not having access to these utilities will usually knock a pretty big chunk of the price off. Talk to your architect about the disconnected plots you’re looking at and do some maths to see how expensive connecting it all will be. It all depends on what you’re planning to build there, and how much revenue it’s projected to generate.
There you have just a few important considerations for buying any plot of land. Take it slow, and I’m, sure you’ll find one that suits you perfectly!
Main Photo: Geograph