There are different gradations when it comes to profitable development sites. A cascade of questions swarm your mind when you consider property development like, Is property development worth your time? Is it going to be profitable in future? How are you going to evaluate the profitability of the site?
The first thing you can do as a property developer, It’s essential to evaluate the local council’s planning strategy. Local council websites have several guidelines like Development Control Plan and Local Environment Plan that you can review and download to get started.
A Property investor who is seasoned and deals with every unknown and anomaly of the property market may prove invaluable, especially if it’s about development property.
After you have reviewed and understood the various requirement of the local council, you can assess the worthiness of the property by considering the following things.
- Current Dwelling
When you want to develop a site you must acquire all the relevant information about its current status. It is also important to get the development approvals and leasing permissions. Many sites are mired in issues like heritage and asbestos.
- Topography
A slope is considered to be gradual if the back of the property is higher than the front. It is not a major issue. Slopes can also be a fascinating feature because of the view they offer. Nevertheless, it should be in the right direction for sewerage and drainage.
- Look For Major Obstacles
Any obstacle on the land between the front boundary and the other building or the street may affect the process of development. To take a proactive approach and know whether anything would be retained or not can go a long way.
- Have a Finger On Your Orientation Pulse
The best way to maximize the value of your development is site orientation. Before you obtain a site it is best to get a clear picture of your objectives and goal and what you want to achieve with the design. The key point to understand here is the direction the sun travels throughout the different seasons of the year and the direction your private open space should face has many implications for planning the development.
- Neighbourhood Character and Neighbouring Property
Any new property development is required to respond to the existing and preferred character of its neighbourhood. Neighbourhood character refers to the look and feel of a place. It is usually a combination of qualities that makes an area unique to live in.
Neighbourhood character includes-
- Building heights
- Landscaping/vegetation
- Front fencing, building height and form
- Materials and colours.
Neighbouring property gives you an idea about the size and positioning of your prospective developments. In simple terms, it is about the amenities like overlooking, access to sunlight and noise.
- Ensuring That Utilities Are Supplied
The availability of infrastructure services which is crucial for the functioning of a society is very important. Some sites might need upgrading and you should find out about it.
- Soil Report
Soil reports tell you whether or not they can support the foundation of a building. It is essential to know the type of soil and the possibility of its contamination.
There are several aspects involved in assessing the prospect of a site. You must enlist the help of an expert to guide you through the complexities of the process. A property investor will tell you if the site can yield profit for you or not. That way you won’t feel unhinged and you’ll do everything with confidence.
