Land feasibility studies are extremely important when buying land in Chicago. Learn more about what they are and why you need one in our latest post.
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 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 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 in Chicago or across the nation for that matter.
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 development project. You will find out if you will need special permits if there are endangered plants or animals in the area, how you will need to get your construction equipment to the site, and if you will need to run utilities to the land. While knowing if the land is buildable is important, knowing how you will do it and what to expect is also information you will 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 to 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 are 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 will need to know about any obligations or restrictions that apply to the land. If in development, you may be very limited on what you are able to build. Or maybe a nearby farmer has been granted an easement across your land to reach their livestock, you throwing a building up on the land might have an effect on that.
When buying land in Illinois, 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.