A land purchase for your next industrial or commercial building project is certain to bring many unknowns. While price, location, and size are important, there are several other critical things to investigate before signing off on the final purchase commitment. So how do you know what to look out for?
Here are 6 things to investigate before you commit to your next land investment:
- Soil Borings – When looking at a piece of land you will want to secure several soil borings to test the soils on the site in addition to learning where the water table happens to be. This will allow for proper design and pricing for your project.
- Topography – Is the site low and in need of extensive fill for your building pad and parking? This too will assist in proper design as it relates to neighboring properties, elevation of the road, and proper drainage.
- Wetlands – Because wetlands are protected, permits are required if the wetland area will be affected. While this doesn’t mean the land is unusable, you will want to know how this will affect your desired outcome.
- Flood Plain – Knowing if the site (or a portion of your site) lies in a flood plain will be critical to know sooner than later. This doesn’t mean the site is unbuildable, it does require additional permits, surveying, and time to make the site shovel ready.
- Zoning Compliance for your Intended Use – is the property zoned commercial? Industrial? On occasion, the local municipality has a master plan that could affect what your intended use may be.
- Potential Outstanding Assessments – When buying a piece of land, you may be buying a vacant piece of land that has never been built on. Have the water and sewer assessments been paid already? If not, this is a potential large unplanned expense that you would incur once hooking up to these utilities.
Lakewood Top Tip: A conceptual site plan before committing to the purchase will assure the site will accommodate your desired building size while allowing for future expansions if so desired.
Not sure where to start? We would love to talk. Send us an email at firstname.lastname@example.org or call us at 616-392-6923