Creating a Community From the Ground Up - Property Considerations
At any given time in the United States, there are new neighborhoods being constructed that people will eventually call home. As someone in the business of creating these residential locations, you have a lot of planning on your plate. From picking the most fitting property to picking out home designs to be constructed, you have to be keen to logic and know what prospective buyers are looking for. It all starts with buying the best piece of real estate you can find that will eventually be a community in itself. Check out this short list of property aspects to consider while you shop.
Area walkability is one of the more important aspects to consider when you are looking at a piece of property in any given zip code. The average community dweller will likely want a neighborhood where they can walk their dogs, walk to the playground with their children, or even walk to work or school. Not all areas are going to offer this kind of convenience; you should be looking for a certain geographic layout and terrain, for example:
If there are a lot of businesses in the area of the property you are considering for community development, ask yourself these three questions:
- What types of businesses are in close proximity?
- Will those businesses affect life in the planned community?
- How will prospects perceive business concentration in the area?
Take a look at the property values in the outlying areas surrounding the piece of property. Homes that you construct within the new community will need to have prices that line up with the rest of the homes in the area. For instance, if the majority of the homes in the area are going for well under $100,000, it would be illogical for you build a bunch of houses that would need to fetch at least a quarter-million once they are sold.
Environmental attributes are something to be considered, but oftentimes get disregarded by property developers. There are several environmental factors to be considered, such as:
- Waterways close to the property
- Natural wildlife habitats near the property
- Potential polluting entities near the property
Any and all of these things have to be considered before you invest in a piece of property that would eventually become a neighborhood. These are things that future prospective residents would be concerned about, so they could affect your ability to sell homes within the community.
If you take notice of successful property developers and new subdivisions, you will notice one common thread between them: they are in easily accessible locations. In general terms, this means that the properties are easily accessible from key points in the city, such as schools, workplaces, and medical care. Consider the proximity of the property to these important points within the area.
The more attention you give to property aspects as a land developer early on, the more success you will see when those selected homes go up and hit the market. Check out some of the traditional neighborhood designs, or find groups of great house plans available that would fit in well once you do have the right piece of real estate to work with.