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What defines a development opportunity? It’s more than a piece of land or property.
As you know, property development requires dedication, a lot of research, and the ability to see a project through to the very end.
Getting access to the best property development opportunities will give you an edge over the competition and improve your return on investment.
But how do we find these development opportunities?
Your strategy begins with knowing what type of property you want to develop. If you specialise in a specific sector such as residential, commercial, or industrial, you will want to find a property that lends itself to such use.
If your strategy is based on a broader approach, you may have more luck finding an opportunity.
However, if you have specialised and are less familiar with other sectors of the property development industry, you could be taking a significant risk.
Whether you are developing on bare land, subdividing, or clearing the existing building, you need to find the right piece of land to suit your type of development.
This is about more than choosing property in the correct zone.
You need to know whether there are fire risks, cyclone risks, and whether it is a heritage site, amongst other things.
If you’ve found a great piece of land, but it is incorrectly zoned for your chosen purpose, consider speaking to the local council and town planners to see if there is an opportunity for rezoning.
For example, high-traffic roads in suburban areas may lend themselves to retail opportunities or more densely populated housing such as apartment blocks.
A successful property development also depends on thorough market research. Knowing whether the area would benefit from—and support—the type of housing or commercial development you intend building will ensure its success.
The local community may need high-end housing or more economical apartments.
You need to know whether the local economy can support this development and whether they are more inclined to rent or buy property.
This research will tie into your feasibility studies, the land you choose and whether it’s worth going through the process of rezoning a property.
Searching for land and property to develop is more complex than buying a home.
While you still need to research the area and local amenities, there’s a lot more to consider to ensure your project will return a healthy ROI.
The fastest and easiest way to search for profitable development opportunities is through property development software.
Archistar’s comprehensive property development platform will show you exactly where untapped development opportunities are available and whether it suits your purpose.
With Archistar, you can minimise risk and maximise profit for your development pipeline.
Instantly pinpoint profitable opportunities and complete early-stage feasibility studies with as much information upfront, saving time and money in the process.
Get your free ticket for our exclusive lunch and learn networking event for property professionals in Melbourne on 29 November: http://bit.ly/3tKpdTl
The Urban Developer is proud to partner with Archistar to deliver this article to you. In doing so, we can continue to publish our daily news, information, insights and opinion to you, our valued readers.
