Philadelphia, PA - Bright MLS Housing data reveals that as of April 2022, the median sales price of a property in Philadelphia was $325,000, marking a 10.2% increase compared to April 2021, according to Norada Real Estate Investment.
Property Development In Philadelphia
Currently, Philadelphia’s real estate sector is a seller’s market thanks to the high demand for housing, low inventory, and low-interest rates for home buyers. With the increasing demand for housing, developing desirable neighborhoods in Philadelphia can be a lucrative venture. However, to succeed in the real estate market, you must learn the essentials of developing raw land. Read on to understand essential Philadelphia land development guidelines.
When investing in land development projects, location is everything. You want to develop property on raw land in a region that’s attractive to potential home buyers and renters. Therefore, assess the site you plan to build real estate property and determine if it’s accessible by road. Check if the location is safe, near schools, malls, and hospitals, and surrounded by greenery. As a general rule of thumb, list location priorities based on the needs of your target market. Doing so helps you make informed decisions when buying land for development in Philadelphia.
Survey Your Land
After acquiring land for development, hire professional surveyors to survey the entire lot. Learn more about the topography, soil conditions, available land features, and the limits of the building site. For instance, if your land has standing or running water, find out whether there are restrictions on building property in wetlands.
Also, determine if trees, shrubs, and old tree stumps need to be removed from the site to pave the way for setting up a foundation. Then budget for professional tree removal services and search for experienced service providers in your area. Hiring local tree removal experts is key to ensuring safety and efficiency. Because these experts use state-of-the-art equipment to trim trees, remove old or unwanted trees, and get rid of tree stumps, they complete the job on time and within your budget.
Review Local Regulations
Before developing raw land, familiarize yourself with zoning regulations in Philadelphia. Zoning codes determine the type of buildings you can construct in a specific area. For example, you may build single-family units in one area and not multi-family properties. You should also coordinate with contractors to review your building designs and costs and apply for building permits. Doing so helps you avoid legal issues that may hinder the success of your project.
Investing in land or property development is a smart move to create wealth. However, land development isn’t as easy as it sounds. To succeed and earn a high return on investment, you must buy land in a location that guarantees commuter convenience, access to public amenities, and security. You also need to survey your land to identify potential limits on the building development and adhere to zoning and building codes.