Condominiums are often successful options for developers. Still, proper planning for your development requires several different considerations, such as contacting a land surveyor. With that in mind, here are four frequently asked questions about condominium planning and development.

4 FAQ About Condo Planning

What are the regulations on condo development?

In New York state, condo planning is regulated by an act known as the Condominium Act. The act has a number of different features, but on the whole, it defines a framework through which individual condominiums may formulate their own bylaws, commit to maintenance, determine common interest, limit property use, and create provisions for inspections. In addition, builders must produce an offering plan under the Martin Act.  

What are some considerations when building a condo?

Working with a land surveyor will help you identify issues on your property and ensure you comply with zoning, boundary, and permitting rules. You’ll have to determine whether your condo is purely commercial, purely residential or some mix of both. In addition, it’s important to consider what type of lease is best to offer residents. You should also decide what materials you’ll use in your construction, balancing cost, durability, and compliance with current regulations. Keep in mind that condo boards may sue developers for construction defects in certain circumstances. 

What is the role of mapping site analysis?

A site analysis is an important service that your land surveyor may offer that will aid in your ability to complete your condo. A site analysis will demonstrate that you understand the different restrictions and limitations in your site, which will signify to investors that you’re prepared to make the investment of building a condo.

How do condo business plans help?

Similar to site analyses, business plans will demonstrate that you are prepared for the financial planning required in developing a condo—namely, for the different facilities and accommodations on the site, as well as for the expenses associated with the materials and labor to construct the condo. These plans should detail your business model, current market analysis, target demographics, your expected competition and plans for addressing it, and a financial and operational summary of the project. 

When you’re interested in planning and developing a condominium, contact Ferguson & Foss Professional Land Surveyors PC, in Johnstown, NY. Since 2005, the professionals at this company have used their nearly 70 years of combined experience to provide comprehensive services in surveying residential and commercial properties. Their accuracy and expertise will provide the information you need to prepare for your project. To learn more, call (518) 762-9997 or visit their website.