Buying land for development purposes requires a long and thoughtful process. While a piece of bare land holds endless possibilities, it could present challenges when you break ground and start building. For instance, a recreational park may work on an uneven land while it can be a hostile environment for a shopping mall.
Here are important considerations to make when buying land for development:
Determine the Value of the Land
There are certain features of a land that determine its value. Hire one of the most reputable land surveyors in Auckland to give you an accurate estimation of the value of the land in question. For instance, the presence of a water body may increase the value of a land meant for the development of a recreational park. That is because the water feature may be utilised for water sports such as paddle boarding or fishing.
Existing infrastructure, such as telephone lines and all-weather roads have an impact on the price and suitability of a piece of land. In the case that the land is to be used for the development of an industrial plant, there will be a need to consider the accessibility of raw materials and heavy equipment from the main road to the site. Where the land is located in an underdeveloped area, the buyers may be required to improve the conditions of the roads. Such a factor may lower the value of the land to be purchased but cost the buyer more money down the line.
Suitability of the Land for Its Intended Purpose
The land to be purchased must be suitable for its intended purpose. That is in terms of its size and shape. For instance. An oval-shaped piece of land may be unsuitable for the construction of a regular square-shaped business complex. Though construction is still possible, it may result in unnecessary land waste.
The final value of any piece of land comes down to its features and locations. Therefore, it is vital that you consider all relevant aspects before settling on the final piece of land to be purchased.