Land acquisition can be referred to as the procedure of acquiring vacant land from urban infill sites to large farmland for real estate and investment purposes. The land acquisition process possesses a lot of risks and without correct entitlements, it can result in various complexities. Land acquisition is a type of commercial real estate transaction that is extremely different compared to its counterparts.
Factors to consider for a successful land acquisition
Here are some of the important factors to consider for land acquisition:
- Determine your objective: Whether you’re a multi-family investor seeking to capitalize on the long run or a business owner who is purchasing a site to develop and construct a commercial, determining your objective is necessary. Since each project is different you need to determine a unique set of needs that has to be overlaid across the available land options.
- Consider the best use: Considering the best use of the land will help to increase a property’s maximum value. It is essentially compared to economic utility such as legal, financial, and physically feasible on a site.
- Environmental impact considerations: An environmental assessment must be conducted in the location where you want to build a property along with the environmental risks. With a proper environmental assessment, you will be able to assess whether there are any site contamination, underground wells, or storage tanks, and evaluate any potential impacts from the adjacent land.
- Identify required site work: Since not every site work is apparent, it is essential to work with an experienced engineer to help identify necessary site work. Hiring an engineer is crucial before closing a land acquisition to develop a site plan and understand the work necessary for the development of the land.
- Work with an experienced development company: Purchasing land can be a nuanced process and depending on your site requirement, the government codes and process can be overwhelming. Work with a multi-family development company like Will Kerkes Development which has experience in the land acquisition process along with the conduct of due diligence.
Land acquisition and development with Will Kerkes Development
If you are considering undertaking a project or navigating the process of land acquisition then Will Kerkes Development is at your service. We offer construction consultation services to evaluate structural difficulties and provide building insights, with our years of expertise as well as our skills in all aspects of the construction trades. Contact us today for any queries!
