Factors To Consider While Choosing A Property Development Site

 Developing property is a complicated process. Most importantly property development in Perth is also expensive and you need to prepare well. The most significant step is to choose the right site for your development. Thus, which factors will most influence your decision on selecting the site?

Location

Your budget dictates the location where you can afford to do your development. Then, within the best areas you can afford, it is better to select a site with easily accessible amenities. This will help attract future buyers and tenants.

Other major priorities for your property development are hospitals, schools, shops, and public transport modes. You may also focus on other facilities, which are important for your potential buyers. It is also essential to know about the crime rates and safety risks in the locality.

Does the cost match the current market price?

Choosing the property development site starts with a feasibility. Once you have a site you like, you need to research the recent sales prices of similar development sites and completed units in the chosen area and compare closely with your chosen project. In some cases, a cheap property appears to be attractive. However, you may need to invest an additional amount in other things, such as retaining walls or relocating street trees.

Slope and other aspects of the site

Another relevant factor for choosing the property development site is the slope of the land. It is easy to build on a flat block. But, there can be extra costs if the land slopes, such as retaining walls.

The orientation of the property can also be relevant. For instance, there are benefits in having living areas with a northerly orientation to get more benefit from the sun. Indeed, some planning and design rules require this to be considered.

Fire hazard and flood risks

It is important to check for fire risks. If your site is in a bushfire risk zone, you will need to include the cost of required safety measures in your feasibility. It is also important to check that the site is not in a flood zone as this would affect your development, costs and resale potential.

Shape and size of your property

You will need to ensure the land size and zoning is sufficient to enable you to build the number of units you have in mind. The shape also affects the number of units that can be designed, the costs and the resale appeal. A rectangular site are generally the ideal shape and a corner block is often the ultimate prize.

If you are keen to find a property to develop, you can engage a buyer’s agent to source it for you. It will be their job to find a site that suits you budget and goals.

Property Wizards is a buyer’s agency that sources development sites for buyers. They consider all these factors and many more in helping choose the best site for your budget and objectives. They conduct a thorough due diligence and ensure you are protected in your purchase of your development site. They can also pair you with the right contractors to hold your hand through the development until successfully completed.