There are people who earn a considerable profit from subdividing real estate property. Subdividing and developing land seems so difficult to carry out on your own, yet it can be simplified by performing the following tips:
Acquire The Property
Basically, you cannot subdivide and sell a parcel of land if you don’t rightfully own a certain property. Perhaps, you already own the parcel of land or maybe you have stumbled on the property you fancy to buy. Before you subdivide the land, you have to acquire the land free and clear.
Research The Zoning Ordinances In Your Locality
Explore and learn more about the county records to know all the zoning ordinances in your locality and get familiarized with city utilities. Work with a title and abstract company to conduct an intensive title search of the property, in case you do not yet own the property. This will provide you information regarding the current status of the property. Moreover, you will be able to discern if there are liens filed against the land. Working with a title and abstract company allows you to verify first the title before you buy the real estate.
Survey The Land
Survey the perimeters and boundaries of your property. A preliminary survey is performed as a fundamental step of your buying process, which will be conducted by a certified land surveyor. In this phase, the surveyor looks into their findings, dimensions and measurements next to the county records to find a blue line survey that will provide an officially authorized description of your property. In case you already acquired the property, you need to you need to survey only the portion of the land you want to subdivide from the rest of the property you own.
Identify The Division
Decide on how you want your land or a portion of your property to be subdivided. If you want to split the whole piece of real estate into single lots, you have to work with a land survey specialist all over again. To make the measurements, have a look at the individual lot sizes. You need to identify where the streets would be situated and how much space you want to divide each plot. Furthermore, provide an area for right of way, utility easements, drainage areas or park areas.
Plat The Property
Once you and your surveyor subdivided the property, you have to plat the property once you have finished the development plan of your property displaying all the subdivided parcel of land. Then, file the plat in the county tax office. This process is also a way of informing the tax office that the land is being developed and will be altered from being taxed as acreage to individual plots assessments in the upcoming years.
Sell The Subdivided Property
Once you finished the previous steps, you can now begin vending parts of your real estate. A title company can help you out with the legal paperwork and real estate agent can assist you in marketing the property.