Buying land can be a great investment. Whether you want to buy and hold or develop it yourself, having a land feasibility study done beforehand will give you all the information you need about making the purchase. You’ll be able to feel confident in your decision to purchase the property by utilizing all of the information a land feasibility study will provide for you.
What Is A Land Feasibility Study?
A Land Feasibility Study is the collection of current and historical data about the property and its surroundings, followed by the analysis of the data to determine what types of developments are feasible and what the future requirements will be for the entire approval process.
A land feasibility study should be completed before any construction project breaks ground. It will help you to determine if the project you are proposing and the land wish to build on are a good fit. You’ll be able to learn what can be built there, the condition of the soil, and about any extenuating circumstances that may stop you from creating your vision. You will be able to determine the highest and best use for the property so you can maximize your land investment.
Key Things A Land Feasibility Study Will Tell You:
If The Land Is Buildable
Not all land is created equal. Some lots have soil that is primarily clay while other lots are sand. Some have untouched dirt, while others are covered with fill dirt. A land feasibility study will tell you if the land is ready to build on and if it isn’t, what you need to do to get it there. You don’t want to buy a piece of land on a whim and not be able to do what you want with it.
A land feasibility study can help you to determine which costs you will likely face as you move forward with your project. You’ll find out if you’ll need special permits, if there are endangered plants or animals in the area, how you’ll need to get your construction equipment to the site, and if you’ll need to run utilities to the land. While knowing if the land is buildable is important, knowing how you’ll do it and what to expect is also information you’ll want before buying. A land feasibility study will help you make sure you aren’t blindsided by unexpected expenses.
A land feasibility study will help you avoid any negative environmental impact your project may cause. How will runoff and drainage be handled? Are there endangered species in the area that your construction will disrupt? Learning about the environment around the land you’re buying is incredibly important. You could be purchasing in a flood zone without even knowing it. You don’t want to find out after the fact that there are environmental factors affecting the land that you hadn’t been aware of before making your purchase.
Covenants, Conditions & Restrictions (CC&Rs)
When buying land, you’ll need to know about any obligations or restrictions that apply to the land. Due to outside factors, you may be very limited on what you are able to build. Perhaps a nearby farmer has been granted an easement across your land to reach their livestock. Or there may be conditions on establishing a road to your property if one doesn’t already exist. Knowing about the CC&Rs of a given piece of land will give you a much clearer picture of what you can and can’t do before you make any permanent developments.
Please note: We do quite a bit of research on all of our properties before we list them, so we can help answer most of your questions. We want to make sure all of our clients are happy with their land investments.
When buying land in Arizona, no matter why you want to purchase, you should always take the time to have a land feasibility study completed on the property. You will likely be able to learn much more about the property than you would have been able to on your own.