6 Ways To Determine A Good Land For Your Project

In real estate, land plays major role in the actualization of your proposed projects. There are a number of factors to consider when buying land for any project. Unfortunately in some part of the world especially Asia and Africa where rules and regulations are no longer fully observed some important factors are no longer considered when buying land.

This article highlights 6 factors to consider when buying land for your next project.

Cost
The cost of the land is a major factor to consider before venturing into the project. It must be determined whether the cost is favorable or not to your proposed project and budget.

Location
The location must be suitable for what is to be built. It must be able to return the investment within the speculated time. In a situation where you have a multimillion dollar building in a low income environment the income from the facility may not return the investment as at when due which may lead to bankruptcy.

Utilities
The proximity of the land to infrastructures likes water, telephone, electricity and gas station. Water and electricity are the most important but in a situation where these are not available the cost of providing them should be considered. The cost of other services like waste disposal, security of life and property should also be factored before making a commitment to buy the land.

Accessibility       
What is the proximity of the land to the nearest major road? Is there access road to the land or you will have to construct a new one? This is important as you will need to bring raw materials to the site during construction.

Topography         
The condition of the land itself play major role on the cost and type of building to be erected. Sloppy, waterlog or swampy land tends to cost more to build than flat land. You should ensure that no portion of the land is in a floodplain as this may reduce the ability to maximize the land for the project.

Deed of Agreement       
Necessary agreements and or restrictions to the land should be sought and noted before making commitment to buy the land. There are some agreements to be reached with the land owners. In some cases the local authority of the area should be contacted to verify if there are restrictions to the land before signing a contract.

Effort should be made to conduct necessary searches on a land with the land bureau office before any transaction is done. These are just some of the factors to be considered before buying land for any project. It is important to follow the checklist before any transaction to prevent litigation and loss of fund.

Feel free to share or comment!