Getting Access to the Best Property Development Opportunities
What defines a development opportunity? It’s more than a piece of land or property. As you should know, property development requires dedication, a lot of research, and the ability to see a project through to the very end. Research is a huge part of finding an opportunity. Getting access to the best property development opportunities will give you an edge over the competition and improve your return on investment. But how do we find these development opportunities?
What Type of Opportunity Are You Looking For?
Your strategy begins with knowing what type of property you want to develop. If you specialise in a specific sector such as residential, commercial, or industrial, you will want to find a property which lends itself to such use. If your strategy is based on a broader approach, you may have more luck finding an opportunity. However, if you have specialised and are less familiar with other sectors of the property development industry, you could be taking a significant risk.
Finding the Best Plot of Land
Whether you are developing on bare land, subdividing, or clearing the existing building, you need to find the right piece of land to suit your type of development. This is about more than choosing property in the correct zone. You need to know whether there are fire risks, cyclone risks, and whether it is a heritage site, amongst other things. If you’ve found a great piece of land, but it is incorrectly zoned for your chosen purpose, consider speaking to the local council and town planners to see if there is an opportunity for rezoning. For example, high-traffic roads in suburban areas may lend themselves to retail opportunities or more densely populated housing such as apartment blocks.
Market Research
A successful property development also depends on thorough market research. Knowing whether the area would benefit from–and support–the type of housing or commercial development you intend building will ensure its success. The local community may need high-end housing or more economical apartments. You need to know whether the local economy can support this development and whether they are more inclined to rent or buy property. This research will tie into your feasibility studies, the land you choose and whether it’s worth going through the process of rezoning a property.
How Are You Looking for Property Development Opportunities?
Searching for land and property to develop is more complex than buying a home. While you will still research the area and local amenities, you are also looking beyond the local newspaper for adverts. The fastest and easiest way to search for property these days is through property development software. A comprehensive property development software package, such as Archistar, will show you exactly where property is available and whether it suits your purpose. Such a software package will begin with an expanded search and allow you to narrow your search down to a handful of the best development opportunities to suit your needs. You will be able to choose preferred zoning, conduct market research, and cut out heritage and high-risk sites.
Getting access to the best property development opportunities is more complex than finding land and mere market speculation – a word from the wise, never speculate. Still, with thorough research, the right property is out there, just waiting to be swooped up.
