Are you thinking about buying and developing land in Chicago? Before you agree to buy, it is very important to have a feasibility study done, making sure you are able to do what you envision. Learn more about what to expect from a land feasibility study before buying land in Chicago!
If you decide to buy a piece of land in Chicago, you’ll want to know as much about it as possible. A land feasibility study will help you get all the facts about a piece of land before you sign on the dotted line. Depending on the depth of the land feasibility study, the process can take a few weeks. The time and cost of a feasibility study are more than worth its weight when developing a piece of raw land.
What Is A Land Feasibility Study?
A land feasibility study will provide you with the information you need about a piece of land in order to be confident in your purchase. The study will tell you if your proposed project is financially and physically possible. If you have the vision for a large-scale project, a land feasibility study is critical. You’ll get a better idea of the expected costs as well as rules governing the land that you will need to be aware of before you break ground. It is a critical part of any land purchased by a developer and should be a part of your vacant land purchase too.
What’s Included In A Land Feasibility Study?
A land feasibility study includes many pieces of information that will tell you all you need to know about a piece of land in Chicago before you buy it. The study will usually involve input from an engineering team, a contractor, an architect, and possibly a city planner. The soil will be tested, along with the slope. You will be made aware of any environmental impacts your project will have and if there are limitations in the area due to protected species. The study will let you know about any rules or regulations governing the property that you should be aware of as well as any proposed construction in the area that could impact the land. If a road or utilities will need to be brought to the property, you will have the chance to learn about all of that too. A land feasibility study can go as in-depth as you need, providing you will all the detail you need to make a smart and well-informed purchase.
Why Do You Need One?
Ultimately, so you don’t end up stuck with the wrong piece of land. When making a land purchase, you don’t want to find that you aren’t able to build as you had wanted to after the purchase has been made. A land feasibility study will do exactly that – make sure your proposed project is feasible on the land that you have selected. You’ll know exactly what you will need to do to get there and what it will cost you. Don’t let the wrong property purchase stop you from building your dream. The small cost of a land feasibility study upfront will more than be made up for by all the information you will gain.
When buying land in Chicago, keep in mind that the lower-priced properties will likely require more work before construction is able to begin. Whether the lot will need to be cleared of brush or the remains of an old building, filled with new dirt, or will need utilities brought out to the site, knowing all of this beforehand is imperative to a successful land purchase.