As of the end of last year, the US land development industry had grown to $10 billion in market size, according to IBIS World. More people have been investing in real estate recently, taking advantage of the low demand. If you intend to do so as well, it is best to get started before the anticipated boom sometime this year. Whether you are developing land for profit or personal use, you can’t go wrong with Santa Clarita, which is ranked the 20th fastest growing city in the country. Here are the 3 essential elements you need to take to heart before you get started.

Know Every Aspect Of The Property Development Process 

Before starting out, you need to gain a thorough understanding of what goes into property development. Personally presiding over property development is a hefty undertaking. It involves many moving parts and dealing with government officials and contractors alike. You would need to coordinate with designers and architects to draft plans that satisfy your preferences and town planners’ specifications. Geo technicians and surveyors must be called in to prepare the ground before the actual building contractors step in.

If you intend to sell the property after development, you would need to work with a solicitor as well. Given the amount of effort that property development involves, it is recommended that you seek the help of a more experienced developer. This will help you get some much-needed advice and pointers. You can also take part in a joint effort between developers, and gain experience by collaborating or as a passive observer.

Research Sites Thoroughly

It is essential to research a site prior to commencing any development operations. Create a checklist of criteria a property needs to meet before it is worth considering for development. Also, jot down any extra information you find to be noteworthy. For example, Santa Clarita is known for institutions such as the California Institute of the Arts. Proximity to such locations would increase the value of a property. Ease of access to the two freeways bounding the city is also a good attribute to look out for.

The checklist should include whether or not the property adheres to California planning and zoning regulations and the rules of whatever subdivision in Santa Monica it is in. Developing a property that is in violation of such rules would come at your personal cost when the authorities arrive to enforce them. It is also a good idea to consider which rezoning proposals, local planning policies, and land clearing CA laws would affect the site.

Conduct A Feasibility Study Before Beginning Development

After you have earmarked sites that you find to be ideal, conduct a feasibility study to find out which of them are worth developing. You will need the help of an accountant to do this properly. In doing so, you will find out the value of the site, and how you can maximize your return of investment on it. A feasibility study should give you a comprehensive breakdown of the project’s expenses, inclusive of things such as land clearing and subdivision costs. It should also tell you the timeframe of each phase of the project. Utilities such as sewage lines, important details on the land title, and political and social background of the development type must be included in the study as well. Additionally, soil analysis and the engineering costs that the property’s soil can incur should be delivered by your geo technician to your accountant.

Overseeing a property development project on your own can be a monumental task, but it can be done. Keep these three essentials in mind as you undertake your first project, and they should guide you on how to proceed.

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