Finding property with development potential

Finding property with development potential

After you have picked your preferred area, as well as the ideal neighborhood for your investment, the next step is to ascertain if the property has potential. Each local area council has it’s requirements when it comes to development and the type of proposed development. As long as you’re satisfactorily meeting those requirements you can start to assess the individual property’s suitability for development. Here’s our introductory guide on finding property with development potential.

1. Size and dimensions

In the first place consider the size and dimensions of the property. Subsequently assess the suitability of the property for development. In addition review the location of the property in relation to other properties. For example a corner site will have better subdivision potential.

2. Current dwellings

Another important consideration are the structures currently on the property. Also assess the practicality and associated cost of demolition. Additionally, you have to verify ownership of the property and ensure there won’t be any ownership claim issues in the future.

3. Topography

Topography refers to the natural layout of the area. For example is the site flat or on a slope. This has a bigger financial impact than most people realise. Bear in mind that if the site is on a slope then there are considerations to keep in mind. Is the slope in the right direction? If not does it allow for natural flow of services?

4. Obstacles

Are there any obstacles on site that will require extra resources to clear and get rid off. Moreover, evaluate if there is anything on the property that will need to be retained. Furthermore, how will this affect the development.

5. Orientation

The site orientation is also equally important. The position of the property and the way it’s facing have implications for planning. You have to cater for natural light, overshadowing, as well as privacy issues.

6. Neighbourhood

The types of properties in the area will have an impact on the nature of the proposed development. Is there an existing precedent for the proposed development in the area. Resistance to the development and the types of neighbours you are likely to have will also have a bearing on the development.

7. Neighbouring properties

Properties adjacent to yours and the general layout of properties in the area are significant in this process. The size and height of the properties are also crucial. Another point of thought is the direction neighbouring properties face. All these factors could influence the size and positioning of your proposed development.

8. Utilities

Are there any existing utilities on site? Utilities could include water and electricity among others. You should think about upgrading your utilities if need be. If utilities are not yet in place remember to assess if there are any pending issues affecting the supply of utilities.

9. Infrastructure

Infrastructure is quite essential in any area. As such observe if there is a decent road, if it requires upgrading and if any contributions are required for it’s subsequent improvement.

10. Accessibility

Locations that are in narrow inner suburban streets are quite problematic to access. That being the case investigate how easy it will be to access the site for construction.

11. Geography

The type of soil found on site is crucial to determining how construction will be undertaken. Because of this detailed and thorough soil analysis will have to be conducted.

Other factors that will require verification are issues to do with easements, covenants and development overlays. Although not in the least, getting it right here sets the scene for a profitable development.

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