Should you be thinking about unit development?
Posted on: 13 January 2022
Are you considering investing in land? Maybe you have some funds you don't want to leave in the bank, and you think that land could be a good investment. While owning something tangible rather than money can be an excellent idea, buying bare land is rarely a good idea unless you have a plan for that land. If you want to increase the value of your investment, it's best to think about doing something with the land and consider unit development. Large areas of bare land are rarely in high demand unless the surroundings have recently been developed. For those considering a land purchase, the associated responsibilities are another concern. Often, empty land will come with high maintenance costs so that the land can be effectively managed and not left to become overgrown.
Why consider unit development?
Instead of buying land and paying to maintain it, unit development can offer the opportunity of receiving a significant income from your land or a substantial return on your investment. However, completing a successful unit development can take time and requires knowledge of issues as diverse as local demographics, planning laws, and architecture. Rather than seeking to do everything yourself, you should work with a company with extensive experience in unit development. They will have faced all these challenges before and can guide the development through to completion.
What should the unit development look like?
Building projects can be incredibly diverse, and what suits one area may be entirely inappropriate for another area. You could be thinking about building commercial or industrial units, but most commonly, you will want to build some housing. If you are focused on home building, unit development makes sense. The point about unit development is that you start with one piece of land and divide it into lots of smaller units. These units are frequently not as big as traditional residential properties, allowing you to squeeze more into the available land. A unit development will typically operate on a strata scheme with the units owned by individuals, but the driveways and other common areas are shared.
How a unit development company can help
The number of stakeholders involved in even a small unit development can quickly mount up. By engaging a unit development company, you can benefit from their expertise. They can arrange for all necessary surveys of the land, and ensure that your plans are correctly prepared. They can also engage with each of the stakeholders, ensuring that they are informed at every stage and know what they need to do at any time.
Reach out to a professional who can help with unit development.Share