The importance of location cannot be overstated. It’s the backbone of any real estate decision, and it will determine the value, appeal, and development potential of your project.

Accessibility
Is the land easily accessible by road or public transportation? Convenient access will attract residents, tenants, or businesses.

Neighbourhoods and Amenities
Look at the surrounding area. Are there schools, hospitals, shopping centers, or other amenities nearby? These features boost the desirability of your development.

Growth Potential
Consider the broader picture. Is the area experiencing population or economic growth? Future development plans, such as new infrastructure or business expansion, can increase property value over time.

Action Item
Spend time visiting the land at different times of day. This will give you a better feel for traffic, noise levels, and suitability for your intended project.

Understanding zoning rules is critical, as they dictate what you can and cannot build on the land. Each municipality has zoning codes that define permitted property use, such as residential, commercial, or industrial purposes. This is where the Buildi feasibility report becomes indispensable.

Current Zoning: Check the property’s existing zoning designation and ensure it aligns with your vision. For instance, a parcel of land zoned for single-family homes won’t work for a high-rise apartment complex.

Rezoning Possibilities: If the land isn’t currently zoned for your intended use, research the feasibility of rezoning. However, this can be a lengthy and expensive process, with no guaranteed approval.

Restrictions: Be aware of conditions such as maximum building heights, setbacks from property lines, and parking requirements. These rules can limit your design.

Action Item:

Let Buildi guide you through the complexities of the regulations and how they apply to your project.

Before purchasing land, ensure it has access to essential infrastructure such as roads, water supply, electricity, and sewage systems. If such facilities are not already in place, you’ll need to factor the cost of installation into your budget.

Utilities Availability: Verify whether water, gas, electricity, and internet can easily connect to the property.

Roads and Access Points: Check whether access roads are fully constructed or if you will need to build them.

Drainage: A well-designed drainage system is essential to avoid flooding or water damage on the property.

Action Item: 

Let Buildi help  to evaluate the development site for infrastructure requirements and costs prior to your purchase.

Not all land is ready for construction. Environmental assessments are essential to identify any potential challenges.

Topography: The shape and slope of the land will affect construction costs and designs. Steeper slopes may require additional grading or engineering solutions.

Natural Hazards: Investigate whether the area is prone to flooding or has a BAL rating. The presence of a wetland or contaminated soil may prohibit development altogether.

Environmental Protections: Some lands are subject to environmental restrictions that limit tree removal, impact on wildlife habitats, or changes to waterways.

Buildi TIp: 

Let us conduct a land due diligence on the site to fully understand the environmental impact.

Real estate is a long-term investment, so it’s crucial to evaluate market conditions and predict future demand.

Property Demand: Research the type of developments in high demand in the area. For example, are buyers or renters looking for single-family homes, apartments, or retail space?

Comparable Developments: Study similar projects in the vicinity. How well are they performing? What pricing strategies are being used?

Economic Indicators: Local employment rates, infrastructure projects, and population trends can give clues about an area’s growth or stagnation.

Action Item:

Work with a real estate market analyst to gain deeper insights into local trends and identify high-growth opportunities.

Finally, ensure you have a clear understanding of the financial requirements and implications of your purchase.

Upfront Costs: These include the price of the land, closing fees, and necessary legal expenses.

Development Costs: Estimate the budget for construction, permits, landscaping, and necessary infrastructure installations.

Risks and Contingencies: Account for unexpected costs, such as delays, price increases for materials, or changes in interest rates.

Long-term Value: Consider the potential return on investment. Will the development generate sufficient rental income or resale value to justify the purchase?

Action Item: 

Allow Buildi to deliver a detailed cost breakdown, making it easier for your mortgage broker to access your true borrowing capacity.