Given the opportunity, investing in property development can generate a return that not only benefits your income but also provides the community spaces people can live, work and play in. However, whether you want to create a suburb or a section, it’s important to do everything you can to get it right the first time. Here’s just a handful of tips and key considerations.
Firstly, you need to figure out what kind of project you’re undertaking. More often than not, the area of the land you have available will dictate this, but your local council’s district plan will also determine what can be built on any given site. They’re specific to your region and regulate everything from the minimum sizes of sections to parking requirements.
They’ll also dictate the maximum size of properties which is key when it comes to places like apartment complexes and multi-level dwellings. In these circumstances, you may also be dealing with different types of land titles that each have their own advantages and disadvantages. For more information on these feel free to read our previous post on subdividing property.
With an idea of what development suits the land you have available and rough idea of what you can invest, before beginning any applications for consent it’s worth undertaking a feasibility study to ensure you can make the return you want.
Evaluating your site’s environmental impact, the type of soil you’re dealing with and how it drains, the accessibility of vehicles and whether infrastructure like water and sewer access is available all add up – especially in larger developments where they can be overlooked in favour of potential profit. The three key considerations here are size, location and topography, and you can find more information on them here.
With an idea of the development you wish to undertake, some knowledge of your section and a budget in mind, working alongside the right people to begin the application process will officially get your project started.
A planner is the first person you’ll need to speak with. They understand the district plan rules and requirements and can advise on how best to achieve your desired outcome. They can prepare a plan that will be required when you apply to your local council for resource consent. In most cases, they’ll work alongside surveyors who can supply in-depth knowledge of the topography and boundaries process to ensure that the application process is swift and straight forward. Should any work be required to prepare the site or connect any services, involving an engineer may also be necessary.
As experts in all kinds of developments, at Baseline Group we’re able to offer land development services under one roof. Because of this we can calculate the entire cost of your development and seamlessly walk you through the entire process together at a competitive rate with no surprises.
For more information or to get in touch with any questions about the process, feel free to get in touch today.