When you purchase a piece of land (or inherit it), there are a lot of different things you can do with that piece of land. Most people in your position might choose to develop it into something profitable, or turn it into their personal estate with a home and other building structures on it. If you are considering developing the piece of land you have, but you are just not sure what to do next, here are some options that can help you decide.
Hire Real Estate Development Project Consulting Services
Your first step should be to hire a real estate development consultant. These professionals know how to examine a piece of property and advise you on what the next steps are for developing the property in the way you want to development. They will walk you through the development process from start to finish, and if you want, stick with you to advise you until your property is fully developed.
Talk to Architects and Structural Engineers
You will not be able to do much with a piece of property until you talk to a few architects and at least one structural engineer. The structural engineer examines the property for any potential hazards, such as hidden sinkholes, overly soft soil, or earthquake dangers. The engineer will advise the architect you hire in regards to special structural considerations for everything you want designed and built. Meanwhile, if there is a major issue with the property that could cause future damage to anything you build on it, the the development project consultant will advise you on what you can do with the property if you decide not to develop it.
Rezone the Property
If the property is currently zoned for buildings that you are not interested in building on the property, or there is a problem with the property that would make building anything on it unsafe, you can change the zoning. The consultant you hired can tell you how to change the zoning. Then they can tell you what to build on it that would be safe enough for people to either reside or work in. You can choose to rezone to include multiple zoning options as well, such as residential and commercial, or commercial and industrial. This is good advice, especially if you were leaning toward the construction of non-residential buildings and you were hoping to make some money off the property.
Contact a service, like Daven Consulting Services, for more help.