There are very few moments in life more invigorating than owning a large piece of raw land, imagining a residential or commercial development project, and then seeing the project through to completion. It’s exciting, challenging, and rewarding. If you’ve secured a parcel of land for a great price, and you’re ready to start developing it, you’ll probably need an excavating contractor in Denver. As you start to collect bids—unless you have contractors already in mind—you’ll want to consider the best ways to complete your project. Dozens of companies will be involved in your land development endeavor, and you need to stay diligent to stay within budget—and be able to make a profit. We get it!
In this post, we’ll share seven tips to consider before starting in on your raw land development project in Denver. Not only are you creating something out of nothing, but you’ll be working with dozens of sub-contractors to do so. It’s important to know before you start that the contractors on-site are trustworthy and have years of experience. Call Claystone Construction for a company with more than 30 years experience in the excavation industry. Otherwise, read this post to learn more.
Seven Raw-Land Development Tips
If you’ve purchase raw land with the intent of developing it, consider the following tips to make the most out of your investment.
Tip #1 – Have A Plan For Your Land
Why did you purchase a piece of raw land? If you can’t answer that question immediately, it’s time to reconsider your motives. You can wait years and sell it. You can develop it. There are plenty of options, but having a plan in place expedites the process.
Tip #2 – Know The Land Investment Risk
Investing in raw land can be an extremely lucrative endeavor when timed just right. If you plan on developing the land, you can, in most cases, make a healthy profit, depending on the size and type of project. It’s important to understand that land development projects can take years to complete. It’s a risk to invest in raw land for development, but the reward can be exponential.
Tip #3 – Prepare For Inevitable Difficulties
No land development plan ever goes as planned. There will be drawbacks and difficulties throughout the entire process. It’s better to expect these and be ready for them than be surprised and lose your investment over a simple miscommunication.
Tip #4 – Know Total Cost Of Investment
You’ve purchased raw land. Great! You still need more money to clear it, develop it, and sell it—yes, it costs money to sell something. Before you go all in on raw land, understand what the total cost of the project.
Tip #5 – Time Your Development Just Right
Some call it luck. Others call it skill. A select few understand it as wisdom. We’re talking about timing. When you develop your raw land can be just as, if not more, important than what you actually build. Make sure you’re aware of residential and commercial trends, the market, and what people are buying.
Tip #6 – Hire Professionals
It can be tempting to take the lowest bidder and hope for the best; however, the best move is to hire well-known, experienced professionals to work on your project. Nothing’s worse than having to pay someone for undesirable work and then pay someone new to fix it. It’s a cost that adds up over time.
Tip #7 – Research Locations
If you’re committed to purchasing raw land for development, research the area. Denver is a large city, and there are plenty of raw land deals to choose from. Which will work best with your development goals? What are the purchasing, permitting, building, and selling processes involved? You need to know as much as you can upfront before investing in a huge deal.
The Expert Excavating Contractors In Denver
After 30-plus years in the industry, Claystone Construction knows how to get a job done right the first time. We pride ourselves in being efficient and easy to work with. Every project is an opportunity to foster new partnerships and long-lasting professional relationships. When you choose us, we strive to deliver the top-tier work we’re known for in Denver and along the Front Range. You can’t go wrong when you choose Claystone. Call us today for your raw land excavation needs!