Acquiring a piece of land is an exciting investment, but developing it into a useful and profitable piece of development requires careful planning, strategy, and execution. There will be a lot for you to consider, but with careful planning, you will get there sooner rather than later! Here are tips to help you develop your newly acquired piece of land.
Know What You Want
The first and most important step in developing your land is to determine what you actually want to do with the land. What is the purpose of the newly acquired piece of land? Do you plan to build commercial property, use it for personal use, or anything along those lines? The chances are that if you have already purchased the land, then you have an idea on what you want to do with it.
However, you could have come across this land by chance on a good deal without a fully fledged plan. In this situation, you will need to consider the intended use for the land. There are a few main areas you could focus on. For example, you could have applications for agricultural use, commercial use, residential use, or even industrial use. Ideally, you will want to make sure that it aligns with your goals and have the local council’s approval.
Conduct A Site Analysis
Before making any decisions regarding how the development will work, and how it will operate, you need to conduct a thorough site analysis. This analysis will help you identify any physical, environmental, or geographical challenges that you may face during the development process.
Some of the things that you will need to look at in more detail include the soil type and water sources. These are key environmental pieces that will have to be considered for the development. It will also be beneficial to analyse any drainage patterns, and search through any existing vegetation or wildlife. Ideally, you want to have as small an impact as possible. The next section will look at this in more detail.
Consider The Environmental Impact
One important thing you will need to do when working on your newly acquired piece of land is consider the environmental impact. Not only will this be ethical, but it can also be something that needs to be done before you develop a piece of land. This means seeking planning permission, and getting surveys done.
Depending on the piece of land you’re working on, there will be a few different types of relevant surveys that you can complete to enhance your development plan. Completing a Biodiversity Net Gain Plan, which can be done with help from experts such as Arbtech, will be a great place to start.
It will be beneficial to analyse any environmental impact your development will have. You could agree to regrow trees and improve the environment around the development in the near future. Consider all elements of the development plan, and account for any negative impact that your development may have. Being aware is a great place to start.
Research Zone Regulations
Generally speaking, you will be better placed to work on your development if you are familiar with local zoning regulations. Make sure you are aware of the local zoning regulations for not just the UK, but with your local council. You will be able to contact representatives from your local council who will be able to advise further. Otherwise, know that the government have a range of online resources that you can make use of.
Having more of an understanding of local zone regulations helps ensure that you avoid any costly mistakes. Any major mistakes could set your development back both in time and money. You could end up being fined or receiving penalties.
Also, you need to look into the policies that affect zone regulations. Having more of an understanding of this allows you to gain further insight into any future changes in the zoning regulations. This can allow you to be better placed to make an informed decision regarding your development.
Create A Site Plan
Once you clearly understand the land’s purpose, physical characteristics, and zoning regulations, you will set up enough to develop a site plan. This site plan is the framework for your development and allows you to plan each stage effectively.
The plan should outline the proposed uses and locations of buildings, roads, utilities, and other structures that will be on your newly acquired piece of land. It is important to keep this site plan flexible, and it’s important to be in a position that allows you to adapt to changes when they happen if they happen.
Your site plan needs to be done right. You will likely be able to find site plans from previous land developments from others. Looking at these site plans could inspire your own and give you a nudge in the right direction. If in doubt, work with experts who can complete the site plan on your behalf. You can find businesses to partner with that will work to help make your vision a reality.
Create A Budget Early
Of course, you will need to create an effective budget in order for you to plan ahead for your development. Developing a piece of land can be a costly investment, so it is important to create a budget and have a clear understanding over the costs involved. From the construction materials being purchased, to the workers being hired.
Consider all aspects of the development process when budgeting. This includes site preparation, construction, and long-term maintenance. You should budget for more than you expect to pay, just in case any bills are higher than you would have forecasted. Things can change during the actual development.
If you need additional funding to complete the development, then you should consider seeking out loans, grants, or partnerships. Research the various funding options available, and choose one that fits your needs and goals. Ensure you know exactly what you’re getting into with a loan, including the terms of the repayment.