For those in property development looking to upgrade an empty plot of land into leasable office space, you likely know that there are many moving parts that need to be synchronized just right in order to turn a profit. Hopefully, this guide can give you some tips on expediting the process efficiently.
Once you’ve decided that the potential return on investment for a piece of land is worth the price, submit an offer to the property owner. If you agree to their asking price, it is time to start getting in touch with contractors so that you have an idea of how much expenses may cost.
Cities or counties will draft zoning ordinances, which specify what the land in certain areas can be used for. These zoning laws determine whether identified land can be used for residential or commercial purposes, as well as physical requirements for buildings. Once the appropriate local governing bodies approve the plans, you finally have all the information necessary to seek investments.
In all likelihood, outside money will be needed to finance at least a portion of the clearing and construction necessary. Information from relevant municipal zoning laws will convey if your property can support the type of real estate an investor is interested in pursuing. Quotes from contractors can give investors a good idea on if the short-term expenses can yield a long-term profit.
Once the money is secured, construction can begin. Contractors specializing in land clearing Edmonton area clear away trees, stumps, brush or any other type of vegetation, thus creating a more accessible workspace. Building companies then send in their laborers to construct buildings to your specifications.
After construction is finished, the property is ready to lease out to businesses. Advertise the open office space through fliers, billboards or whatever else seems necessary.
Getting involved in raw land development is a complex business with slim profit margins and even slimmer room for error. However, when done correctly, you can have a long-term source of income secured for decades.