Site acquisition involves considering location, zoning laws, land surveys, and costs before identifying potential sites. Local regulations and building codes must be followed, and negotiations with the property owner must take place before securing building permits and beginning construction.
Site acquisition is one of the most important stages in preparing for the construction or development of any real estate project. There are several factors that must be considered as part of the process, including location, zoning laws, land surveys, and the costs of both purchasing the property and preparing it for its intended purpose. This means that the site acquisition process often begins even before a real site has been identified.
Any site acquisition project begins with defining what kind of characteristics the property must possess in order to be a good candidate for the project scope. For example, a site that is near residential communities but still zoned as commercial would likely be viable for a shopping mall. Assuming that the location in question can be leveled to allow for construction and that access to the area includes roads that can accommodate a large amount of traffic, investors may consider the site to be worth further consideration. At this juncture, the goal is to identify sites that meet the basic qualifications for the project, then move on to choosing from the available sites based on the benefits associated with each.
As the site acquisition process continues, it is very important to work with local municipalities to determine the zoning and building codes applicable to each of the proposed sites. The idea is to make sure that the plans for the building comply with those local regulations or that the municipality is willing to grant an exception or make some zoning changes to accommodate the project. If the project is outside the scope of the regulations and the municipality is unwilling to compromise in any way, other sites need to be considered.
Once it has been determined that a given site meets project standards and local officials are fit to build, the next stage of site acquisition is to approach the current owner of the property. Here, the process focuses on offering the owner an amount that is within the range of the property’s current market value. Assuming the owner is willing to consider selling the property, the two parties can negotiate the price and terms, eventually arriving at an amount agreeable to all concerned.
As soon as the sale is complete, the new owners can complete the site acquisition process by securing the proper building permits to begin construction. Depending on local laws, obtaining permits may take little time or effort, or you may need to go before a local council to file an application that must be reviewed and approved before the permit can be granted. By analyzing these factors before approaching the landlord and buying the property, this phase of the site acquisition is usually much less complicated and time consuming. Once the permits are in hand, the new owners can move forward with developing the land, starting construction, and eventually earning some kind of return for their efforts.
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