3 key points to consider when searching for a development site
We have a few newbies to our database so for this week I wanted to get back to basics for you and discuss what makes a good development site.
If you’re looking for a site, continue reading..
Below are 3 key points to consider when searching for a development site:
- Location, Location, Location: One of the most critical factors in selecting a development site is it’s location. Look for sites in areas with strong demand and growth potential. Consider factors like proximity to schools, parks, shopping centres, transportation options, and the overall desirability of the neighbourhood. An ideal location will attract potential buyers or tenants, ensuring the long-term success of your development project.
- Feasibility and Suitability: When evaluating potential development sites, assess their feasibility and suitability for your project. Consider factors like the size of the site, zoning regulations, and any constraints or limitations that may impact the development process. Conduct thorough due diligence, including site inspections, environmental assessments, and surveys, to ensure the site is suitable for your intended development plans. Understanding the site’s constraints upfront will save you time, money, and potential headaches down the line. I suggest checking out my five-minute feaso, click here to watch.
- Market Demand and Potential Returns: Evaluate the market demand and potential returns for the type of development you have in mind. Study the local market trends, including supply and demand dynamics, rental rates, property prices, and projected growth. Identify any gaps or opportunities in the market that your development can fulfil. Analyse the potential returns on investment, factoring in costs, potential revenue streams, and the timeline for completion. Choosing a development site with strong market demand and the potential for attractive returns will maximise your chances of success.
These are just a few key points to keep in mind when searching for a development site. Of course, there are other factors to consider, such as the site’s infrastructure, access to utilities, and any potential future developments in the vicinity.
I’d also suggest chatting with local real estate agents, architects, or town planners, who can provide valuable insights and guidance based on their expertise.
I hope these tips help you in your own property development endeavours.
If you’re interested in learning more about us, check out our Podcast that Hilary and I host each week.
The Property Mastermind Podcast.
Take care and talk soon!
Bob Andersen
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