With the steady growth of the real estate market, new land development can be an extremely lucrative choice, especially for those with previous experience. However, the lengthy process and wide array of factors involved create pitfalls for those without an extensive background in land development and building. Below are answers to some questions you might have if you’re considering investing in vacant land.

4 FAQs on Land Development

What Is Land Development?

Any project that alters the existing landscape for human purposes can be considered land development, including leveling a property for agricultural activity or dividing a parcel into residential lots. In some instances, repurposing an existing structure can also be considered a type of land development project.

What Information Should Be Gathered First?

Before determining whether a particular parcel of land is ripe for development, researchers should collect information on its location, accessibility, and the availability of utilities. While property without nearby electrical sources and roads may be sound investments, the expense of constructing those necessities should be included in the overall cost of the project. Your projections should also include a thorough analysis of the surrounding area’s projected population growth and economic trends.

How Long Does the Approval Process Take?

Almost all land development projects must be approved by state or local agencies who will issue the necessary permits and ensure you are meeting regulatory requirements. Depending on the scope and purpose of your project, this process can take anywhere from a few months to a full year. In the case of large commercial developments in environmentally sensitive areas, approval can take several years before construction can begin.

Can Vacant Land Be Used for Any Purpose?

While vacant land outside of city limits provide more flexibility than land within them, you must still have the project approved by the relevant regulatory bodies. Build-ready lots within a town’s limits are typically subject to zoning laws, which restrict the types of buildings that can be constructed in a given area.
 

Whether you’re building a single home or a busy commercial center, the professionals at Abercrombie & Associates, Inc. has the expertise and detailed experience to guide you through every phase of the process. Since 1976, they’ve assisted with an extensive variety of projects throughout Ohio and the tri-state area, offering their clients an unmatched level of professional insight and service informed by the latest technological innovations. Visit their website for an overview of their services, follow their Facebook for more advice, or call (513) 385-5757 to discuss your land development project with an industry leader.