What can you do with a piece of land? Land by itself is of little value to you unless you can use it for something. Perhaps you have bought a piece of land that you want to incorporate into your farm or to use for business purposes. In many cases, if you buy or inherit land, then you may be thinking about building on it. If you have been thinking about building, you might be wondering about the best way of proceeding. Here are three possible options you could consider.
Selling the land to a development company
If all you want is to make a quick profit, then you might be wondering if you should simply sell on the land on to someone else and let them take care of the construction work and any subdivision decisions which may need to be made. There is nothing wrong with that approach if you are looking for convenience but it does limit the likely income you will gain from the land.
Planning a subdivision
If your land is quite large, then it's unlikely that you will want it to be used for just one thing. Most parcels of land will end up being the subject of a subdivision and having multiple owners. By splitting your land, you can considerably increase the amount of income you can generate from it. To effectively plan the subdivision of the property, you will need to work with a qualified surveyor and a team of other experts who will be able to demonstrate the best way to divide the property while still allowing access to each lot for the property owners and all the utility companies. Once the subdivision has been planned, you could sell off each lot individually to those who want to build. However, there is another alternative.
Building on the land yourself
If you are prepared to extend your involvement with the land a little longer, you could decide to bring in a building company to complete the construction work yourself. Selling the completed subdivision properties yourself is likely to be the most lucrative option, but it is the most time-consuming and carries the greatest amount of risk.
Whichever option you ultimately choose, it is always worth talking to a surveyor to find out what a subdivision of your property could look like and whether that could be the right thing for you to do with your land.
