Find opportunities for real estate development

 

People often think that to be a real estate developer you have to stick a shovel in the ground. Nothing could be further from the truth. What real estate developers do is make some change to real estate that will increase its value. There is real estate development potential where the parcel can be transformed in some way to attract more types of buyers. Two of the cardinal rules in the business of land development are that the value of the land is always relative to how (or if) the property can be used, and the value of the parcel increases when the property can be used for more. buyers or additional categories of buyers.


In reality, the opportunities for real estate development are all around you because there are several ways to develop land that does not involve construction. It is true that sometimes development through change involves building, such as modifying an existing structure or demolishing it and building a new one. But there are many more real estate Kopar at Newton opportunities where the change to ownership is invisible.


For example, suppose you find a residential property located on a street that has a lot of traffic. The appeal (and therefore the value) of the parcel is limited because the only potential buyers are people who would not be opposed to living in a house on a busy street. Most likely the best and highest use of this property is something other than residential. Therefore, you will want to determine if there are possible alternative uses to expand the market for this property and increase its value. How would you find this out?


The first thing to do is determine what uses of the property are allowed under the current zoning by reviewing the zoning map and ordinance available at the municipal office. Once you locate the property on the zoning map, you will see in which zoning district the property is located. Next, you will read the provisions of the zoning ordinance for that district. These would address several issues: uses allowed "by right" (meaning use approval is not required), special uses allowed only when approval is granted by a municipal board, and dimensional requirements, such as the minimum size and width of the lot, building setbacks and height of structures. (You should review the entire ordinance because there may be other provisions elsewhere in the book that would apply to the property as well.)


The particular zoning classification could allow single-family single-family homes in the lot size specified by law. But it could also allow the property to be used as a school, church, or nursery when authorized by the municipality, as long as the property meets some specific conditions. These may require that the total area of ​​the parcel land be of a certain minimum size (for example, at least 10 acres), that the property be serviced by utilities, or that the building and paved areas do not exceed a certain percentage of the total land area. package footage.

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