If you are buying up a large piece of land with the intention of developing a residential colony in the place, there are several things you will need to consider before you make the investment. These include things like getting the necessary funds, block breakdowns, market state, and so on. And below, we will look at six such factors in brief detail.
- Key Features
Look at all the key features like soil, water, and trees before you buy any piece of land. These will impact the general environment of the place. And since people buy homes largely on the basis of how comfortable it will be to live in the place, you will do well to ensure that the environment is refreshing and not too harsh. So, make sure that you can build north facing homes on the blocks since they will be much easier to keep warm in winter and cool in summer. In addition to providing the best comfort, this will also bring down the energy expenses of the home. And you can use this as a selling point when you market the property. Plus, ensure that the soil is conducive enough to grow a large variety of plants and trees. This will not only help you to set up the necessary green cover in the colony, but people will also have an easier time planting the necessary plants in their garden.
- Check Out Planning Controls
You should also look at the local planning control of the region. Make sure that it will not negatively affect your proposed development in any way, whether it be the height of the homes, its boundaries, floor space ratios, and so on. it is also recommended that you check up on all the vacant land around your plot. Look at the council plans, zoning information etc. and ensure that there will not be any major industrial developments in those land areas. After all, you don’t want to build a residential property in an area where the homes will be surrounded by the constant noise of factories. That will be a difficult proposition to sell to people. You might even end up making a huge loss on the project because of this factor alone. So, be sure to keep this in mind.
- Breakdown Of The Blocks
Check out how the blocks are broken down. If the block is sloping, then it can be good for building homes that have a great view of the surrounding regions. However, it will drive up the cost of building the property. So, until and unless you are absolutely sure that people will be willing to pay extra for a home built on a sloping black, it is best to avoid them. Similarly, blocks which are angular or narrow will need its own specific home design. So, talk with the architect and builder, and see whether a marketable home can be built at that spot within the proposed construction budgets.
- Read the Town Plan
Most of the city councils in Australia published a town plan once every three or five years. This plan will outline the developments that will take place in a piece of land in a specific region. It is recommended that you read up on the document as thoroughly as possible since it will give you a peek into the future and tell you what changes to expect on a specific plot.
- Land Subdivision
When developing a residential colony, it is very important that you subdivide the land in the right way. The resulting smaller plots must be easily marketable to prospective customers. As such, each and every plot created from the subdivision must provide the residents of the plot with easy access to other facilities of the colony. Be sure to read up on the Vision One Projects guide on subdividing land in Perth before you hire them for the task. This will give you a basic idea on the best way to subdivide the land.
Be sure to find a lender who will fund the project. You need to ensure that the lender has enough liquidity to fund all the necessary expenses as and when they arise. The amount they will lend you will depend largely on the type of construction you have planned for the land. And as long as you can prove to them that the project will be profitable and that you have the required skills to see it through, you should be able to find a lender who will fund the project at attractive rates.