Regardless of whether you've been involved in land subdivision before or are new to the process, there is always a chance that you could make a few mistakes. The reason is that land division involves numerous procedures. For instance, while you must abide by the legal requirements of land division, you also have to weigh the potential of the subdivided lots in terms of property development. For this reason, property owners must understand the mistakes they are likely to make as they commence a land subdivision process. Read on for more information.
Ignoring the Rental Potential of Subdivisions
The property market is unpredictable, and prices might begin to fall as soon as you start to subdivide your piece of land. Therefore, most property owners subdivide their land with a fixed mindset of selling the subdivided lots. Notably, the decision is driven by fear of losing out on the value of the land. While there is nothing wrong with such a mindset, you should consider renting your subdivisions. However, it is better to rent out subdivided lots and collect rental money as you ride any slump in the property market. It buys you time to sell land subdivisions at a higher rate once the property market turns around.
Ignoring Neighbours' Complaints
When dealing with significant land division projects, it is easy to get immersed in the potential of the lots and ignore complaints from your neighbours. For instance, it is common for neighbours to create a path across an idle piece of land. Therefore, when subdividing the piece of land, it is essential to listen to your neighbours' concerns and come to an arrangement regarding the blockage of the path. The strategy is effective in building strong relationships with neighbours and the community. Besides, you might need your neighbours' approval for certain subdivisions. Therefore, if you burn your bridges, you might endure a long and frustrating land subdivision process.
Back Section Accessibility
Accessibility is a crucial component when subdividing a piece of land. However, some property owners tend to focus on making the front end of their lots more accessible than the back sections. If you take this route and allow developments to restrict access from the back, it is highly likely that the affected subdivisions will lose value. Most importantly, it is crucial to pay attention to accessibility issues around subdivided lots to ensure that some sections are not locked out.
If you need help with subdivision, contact a contractor in your area.