Buying land has long been proven to be a fundamental and valuable investment. As former New York real estate investor Louis Glickman stated, “The best investment on earth is earth.” Business owners and organizations that want to utilize land purchases for commercial buildings must first take action to determine if the land is buildable for commercial use.
Why Choose Buildable Land?
Choosing buildable land for commercial real estate offers multiple options and benefits for owners, developers, and investors, including:
- Customization and flexibility. With buildable land, business owners or investors can design and construct a space that perfectly fits their operations, brand image, and long-term growth plans.
- Full control. Owning land and the structure(s) on the land enables complete control over property management, modifications, and future development.
- Future expansion. Buildable land provides the opportunity for future expansion, including adding additional buildings and features to accommodate business growth and future needs.
- Potential cost savings. The long-term benefits of owning and controlling a property present the potential for increased future value and reduced future development costs.
Of course, the right steps must be taken to ensure that the land is buildable for commercial use.
How to Find Out if Land is Buildable for Commercial Use
Buildable land is defined as property that meets all physical, environmental, and legal requirements for construction. Factors to be reviewed to determine if land is buildable for commercial use are:
- Zoning and land use regulations. Local zoning laws will define what kind of structures can be built on the property. Additionally, it must be determined if there are any deed restrictions on how the land can be used.
- Soil quality and topography. Soil testing will need to be conducted to determine if the ground can support an appropriate foundation, and the topography will need to be evaluated for slopes or flood risks.
- Environmental restrictions. Environmental conditions, including wetlands, protected species habitats, or conservation easements that would limit development options, will need to be evaluated.
- Access to utilities. A property must be evaluated to determine if it is connected to water, sewer, electricity, and gas lines. If not, what will it cost to extend these services to the property?
- Property boundaries. Property lines must be clearly and legally defined to avoid legal disputes and ensure there is adequate space for the intended land uses. Additionally, it is essential to determine how close to the property line a structure can be built.
- Building permits. Local building permit requirements must be researched, along with the associated permitting costs.
Tips for Building on Commercial Land
Choosing a site for property development should include, first, determining if this is the right property for its intended use. Second, thorough due diligence must be done to determine that the land is buildable for commercial use. Third, conducting a feasibility study. Fourth, developing a solid budget and getting pre-approved for a loan. Fifth, always work with a commercial real estate professional.
Seek Expert Real Estate Services in The Charleston, S.C. Region
Caldwell Commercial Real Estate Services is your trusted partner for Commercial Real Estate in Charleston, SC. We offer leasing and sales, development, and property management services. Our commercial realtors and property managers have extensive experience, so you can rest easy knowing that your needs will be met with superior results and satisfaction.
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