Land subdivisions are ideal for increasing the total value of your property. In simple terms, when you divide a large tract of land into small blocks, the profit gained from the cumulative lots will be higher than the original. Also, the subdivided estate can be highly marketable because most buyers might not have the power to purchase large lots. If you have never divided property in the past, you might find the entire process overwhelming. After all, the procedure involves both physical and legal division. Here are some guidelines to help start planning your subdivision project for optimal success.
Understand the Potential Uses
You should understand all the potential uses of your land before proceeding with the subdivision. The information will help you maximise the potential of your property, and subsequently, you will earn more profits. You should speak to your town planner or other specialists to learn your options. In general, the number of dwellings and the types of structures which can be built will be restricted by the zoning laws in your region. However, some clauses contained in your local area planning schemes might allow for specific changes such as lot variations and design flexibility which might allow for higher occupation density. Often, landowners and developers overlook schemes and miss out on profit.
Know the Total Costs
The process of land subdivision often seems straightforward, but it is an intricate procedure. Therefore, there are numerous expenses for different stages of the development which must be handled for the successful completion of the project. You should have a comprehensive understanding of these costs to avoid surprises. You will need to hire a land surveyor for tasks such as the creation of subdivision plans, lodgement of applications and cadastral surveys. You will also be responsible for paying the application fees to the local planning council. Additionally, you should remember to account for the connection of each lot to utilities and required civil works. Detailed budgeting can prevent unnecessary financial stress.
Decide on Immediate Sale or Construction
The ultimate goal of land subdivision is earning extra profit from the sale of the property. However, you should not be too hasty in selling the lots. Before you begin your project, you should know your options on sales so that you can choose the most profitable option. For example, you should consider whether you will gain more by selling vacant lots or by building homes first. Also, you can choose to sell the land immediately or hold onto the blocks for capital growth.
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