There are a number of factors to consider before purchasing the land where you plan to build your future business. These factors require lots of research so as to answer the following questions:
- What are your limits for construction on that particular land?
- What are the possible challenges to the building?
- How much time will the construction process take?
- Which extra cost items should be considered?
Here are some of the factors you should consider when purchasing land for commercial construction;
1. Location
This is the most essential consideration to be made when purchasing land according to your needs. You need to consider if it’s an easy commute for your employees or if it is convenient for your clients, and the distance from your suppliers. If your business relies on shipping, you also need to prioritise a location near highways, railways, and shipping lanes.
2. Utilities
Knowing how you will take care of the power, water, and waste is very important when purchasing a plot. Some of the utilities you should find out how to gain access to include:
- Water
- Electricity
- Gas
- Phone and/or internet connection
- Waste
3. Road access
Building access roads is expensive. Therefore, it is key to find a property with great access to a road network that is in good condition. If costs are required for road works, investigate beforehand to factor them into your budget.
4. Soil Depth and Composition
The composition of the soil affects the cost of groundwork. Therefore a geotechnical report is required to know the soil composition at different depths. The report aids engineers to know the cost of the groundwork and foundation.
5. Deed Restrictions
Covenants are also limitations you may come across when purchasing land for construction. A covenant or deed restriction is a private agreement made between the landowner and buyer. A deed restriction could prohibit commercial development even though zoning allows it. Common restrictions include the height of the building, maintenance of the property, and future use of the property. Be sure to obtain copies of the deed restrictions before buying the land.
6. Zoning
You need to know if there are any codes and restrictions on the property by checking with the municipality or if the zoning permits commercial or residential properties before construction. Zoning controls a few things including waste management, parking regulations, water supply, noise level, and much more. Therefore, it is important to know the zoning laws of the land you want to build on.
7. Neighbourhood
A business depends on the clients visiting thus adjacent properties could affect the value of your business. For example, if you are in the restaurant business, moving near a factory is unappealing since factories emit a lot of noise and odour which is unpleasant for you and your customers. However, a good neighbourhood that suits your business will help increase your clientele as well as gain loyal customers.
Ample research is required to purchase land exactly as you like without restrictions. Collaborating with a qualified real estate agent will ensure you acquire what you want without compromising, and Daykio is more than qualified for the job.
Learn more about our commercial property here: https://daykio.com/daykio-plantations/property-listings/daykio-bustani-commercial/
