Why should you subdivide your property? Well, for starters, it is the easiest way to increase the value of your property. However, subdivision is not an easy process. Below are some tips to help you subdivide your property.
Know The Law
You will need to conduct some background research to understand the subdivision process in your state. Failing to follow the law could land you in serious legal problems. Besides, the property could depreciate. Some things to consider include:
Contact your local council to know what licences are required to subdivide the property.
Conduct a market survey to know the demand for property in your area. The market survey will help you determine the size of the subdivided plots. For residential use, the plots should allow developers to build a home and have adequate space to create a landscape and driveway. Commercial plots should be large enough to enable developers to build a large parking lot and allocate space for utilities such as washrooms and recreational areas. The market survey should also examine the price of property in your area. It would be unreasonable to subdivide the property if you do not make a profit. You should also conduct some due diligence to know reputable real estate agencies in your locality. The firms will help you market the land to potential customers. They may also link you to developers that need partnerships.
Work With Experts
As a rule, you should work with experienced professionals as you subdivide the property. A land development consultant will conduct a market survey to help you determine the profitability of your venture. On the other hand, a surveyor will submit the subdivision plan to your local council for approval. Further, he or she will subdivide the land and ensure each of the plots has a title. Hire an experienced contractor to install amenities such as power, water and gas on the property. Further, he or she will conduct some return-on-investment works to improve the demand and value of the plots. They include asphalt roads, fences, landscapes and recreations areas such as gazebos, swimming pools and patios.
Subdividing property should be easy with the above tips. Understand local laws, conduct a market survey and work with experienced professionals. Speak with a professional about subdivision to learn more.
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