Red Wing, Minnesota
610 Main St.
Red Wing, MN 55066
(651) 388-4745

3 Tips for Developing Vacant Land April 18, 2018

Red Wing, Goodhue
3 Tips for Developing Vacant Land, Red Wing, Minnesota

Vacant land is a high-potential investment if you use it correctly. To get the most from your purchase, you should plan carefully when considering any developments. The real estate agents at Lawrence Realty Inc. in Red Wing, MN, say several factors affect the process. By keeping these aspects in mind, you’ll maximize your investment while minimizing costs and issues that arise during the process.

How to Develop Raw Land

1. Know the Land

real-estate-agentsMany raw aspects of the land affect what can be built and how it is constructed. You need to consider the soil, foundation type, any water or natural features, and the land grade. To reduce any issues, schedule a professional survey for a comprehensive profile of the land. Engineers, architects, and other professionals will use this to ensure anything built is stable.

2. Budget Accordingly

Many developers focus only on the cost of construction when budgeting. To get the best return, take all aspects into consideration and compare them against the purchase price of the land. Consider professionals who need to be hired, including surveyors, engineers, and city officials. You’ll also need city permits before building anything. You’ll also have construction costs, which can vary based on the developer you choose. You should also speak with real estate agents or brokers about an estimated sales price or valuation once the project is complete. This will give you a comprehensive idea of your return on investment.

3. Build at the Right Time

Just because you have the means and an idea doesn’t always mean you should begin building. The real estate market is in constant fluctuation, so it may be cheaper to build at certain times and under specific situations. For example, if the housing market is booming in the area, constructing more homes on the land may fetch you a high return on investment. It can also affect valuations, as well as demand. Your real estate agent will advise you on the best market to build in. This will ensure you get the most from your investment and reduce the hassle of marketing the property.

If you’re interested in purchasing an investment property, the real estate agents at Lawrence Realty Inc. will help. The staff has worked in Red Wing and the surrounding areas for more than six decades, and they know the ins and outs of the market. Call the family-owned and -operated company today at (651) 388-4745 today to get started, and visit their website and Facebook page to view their land for sale.

Other Announcements, Events and Deals from Lawrence Realty
3 Tips for Keeping a Clean Home While it's on the Market, Red Wing, Minnesota
Selling your house can be challenging enough as it is, but it can be even more so when you’re still living in it. Between day-to-day messes from young children to pets who shed frequ...read more
5 Red Flags to Look Out For in Real Estate Listings, Red Wing, Minnesota
A lot of people looking for a new home rely on real estate listings to narrow down their choices. While most real estate agents post honest and realistic descriptions, there are...read more
4745 Kingswood Drive, listed below appraised value!  Offered by Jake Dahl and Brady Lawrence at LAWRENCE REALTY INC, Red Wing, Minnesota
Come take a look at this new construction home at 4745 Kingswood Drive! A new, energy efficient, detached townhome with easy access to the Metro area.   Main Level featur...read more
How to Make Your Home Look Better in Photos, Red Wing, Minnesota
Selling your house is a lot easier with the help of a seasoned real estate agent. In addition to guiding you through the listing process, they will also help your home stand out and ...read more
Price Reduction!  1404 Norwood, Red Wing MN offered by  Brady Lawrence of LAWRENCE REALTY, INC., Red Wing, Minnesota
When you are looking over the Real Estate Listings, check out this property at 1404 Norwood Street , which has been reduced to $174,000!  It offers easy access to downtown Red W...read more