How to Avoid Costly Mistakes in Land Development Feasibility Studies
Land development can be a profitable investment, but without proper feasibility analysis it can quickly become a financial disaster. Feasibility studies are essential for identifying potential risks, assessing property viability, and making well-informed decisions. However, many developers make costly mistakes during this crucial phase. Here, we outline the common pitfalls in land feasibility studies and how to avoid them to safeguard your investment and maximize returns. 1. Overlooking Zoning and Land Use Regulations Mistake: Investors often underestimate the impact of zoning regulations and land use restrictions. Assuming that a property can be developed for a specific purpose without verifying zoning compliance can lead to project delays, costly rezoning applications, or even project cancellation. Solution: Conduct a comprehensive Zoning and Land Use Analysis early in the feasibility study. Verify current zoning classifications, permitted uses, building height limit...