Finding the ultimate location for your business or commercial development can be challenging. Companies in the Charleston area looking to build office buildings, warehouses, factories, or any type of commercial buildings have different options for accomplishing this. One way is to purchase an existing property to renovate or tear down and rebuild. Another is to buy undeveloped land and build the structures to their liking.
If you’ve never purchased undeveloped land for commercial use, it takes a good deal of planning and research to get it right. The last thing you want is to buy a piece of land and then learn it’s not going to meet your needs. Here are some of the things you need to know about buying undeveloped land for commercial real estate.
Whether you’re purchasing a home or vacant land for commercial development, location should be one of your primary considerations. Look for land that is easily accessible for your customers, employees, and suppliers. If you do a lot of shipping and receiving, you may also wish to consider proximity to ports, rail, and highways.
2. Market Value
Lenders might require that you have the property appraised, so they understand its true value. You should want this as well since most property owners include land as an asset and will consider selling the property at some point in the future.
The zoning of the land is a vital consideration because this tells you what you are legally allowed to do with the property. If the land isn’t zoned for commercial, retail, or industrial use and you want to get the land rezoned, you could be in for an uphill and costly ordeal.
4. Utilities and Emergency Services
Before you make a land purchase, make sure you can get utilities to the site, such as electricity, water, sewer, and internet. Also, check on the availability of emergency services if you plan to run your business there.
What kind of uneven ground or sloping does the existing property have? The answer to this will tell you how much work you will need to do on the land before you can begin building a structure on it.
6. Environmental Studies
An environmental study of the land will inspect it for any existing or potential environmental hazards. For example, you want to ensure the land doesn’t contain toxic materials or is subject to excessive flooding. And some municipalities require that land buyers get an inspection to ensure development won’t cause an environmental impact, such as harming animal habitats.
Accessibility is another critical consideration. First, make sure you can access the property. If it is “landlocked,” this means there are no public roads or easements that can get you to and from the property. Provided you have ample accessibility, make sure there will be plenty of room for parking for your staff and any customers as well.
Finally, do some research on your potential neighbors. Are there other properties that could impact your project’s value, good or bad? For example, if you’re building a retail development, you might not want it directly next door to a wastewater treatment plant.
Get the Help You Need With Undeveloped Land Purchases in Charleston
If you’re interested in buying undeveloped land for commercial use in the Charleston, SC, area, you need a knowledgeable partner you can trust. At Caldwell Commercial Real Estate, our commercial realtors and property managers have over 80 years of combined experience in the industry. We know the local market and the regulations that can impact your property purchase. Contact us today to learn more about how we can make your next commercial property transaction a success.