First things first, you must learn about the rules and regulations of developing property in Rochester, New Hampshire. Also, you must select a viable contractor to take care of the project without any setbacks. However, there are some things to learn between those two tasks and we will discuss them moving further.
Things To Know Before Buying Land For Commercial Development
The following are some things to keep in mind before purchasing and developing commercial property in New Hampshire.
● Zoning and Land Use
Before purchasing land for commercial property development, carefully research the zoning ordinance and regulations of Rochester, NH. You may have to submit a permit application according to the city and area code and there are some special approvals from the public board, commission, city council, and the manager of zoning that you must look into. It is important to learn and understand all of the laws to avoid running into any legal or area-specific issues later down the road. Also, make sure the land can be used to develop the type of commercial property you have in mind.
● Utilities and Facilities
Another important thing to ask around and find out yourself is whether the property or land has access to basic utilities. These include electricity, water, and sewage. Also, if they are not, investigate the cost and time it will take to have connections. Another basic facility is the road access that the land has or needs.
● Environmental Conditions
The next thing to look into is the environmental and ground conditions. These include the land’s topography, soil quality, flood areas, and other environmental conditions. Such things can majorly impact the development process as well as the property itself. An experienced land development company will know about the nooks and crannies of such things, so be sure to find the best realtor or seller.
● Property Taxes
Another important thing to research is the latest property taxes and special taxes, if any. Also, find out when was the last time the taxes increased in the past and the future possibility of them increasing.
● Current Use Tax
The current use tax is also mandatory to calculate beforehand. It will help you figure out the true cost of the land or property according to New Hampshire. Visit the NH Department of Revenue Administration for the complete outlook of the taxes and guides for successful commercial land development in Rochester NH.
● Accessibility
To ensure easements of property that allow access to your property or area to another person or entity, you must know about it beforehand. You will need to figure this out legally with the help of an attorney. The easements and accessibility features include but are not limited to, pathways, driveways, powerlines, drainage, etc.
● Land Financing
This one is no no-brainer. You must have a complete overview of the building cost in the respective area. Experienced and reliable contractors will guide you accurately regarding the per-square-foot cost, process, and timelines for development.
● Market Factors
Review and understand the latest market conditions of the area where the land is present. Research the prices, considering all the facilities, utilities, and allowances. Check whether the prices are rising or falling and review the latest market standings.
Conclusion
To ensure a smooth and hassle-free commercial land development in Rochester NH, you must work with a reliable contractor. They will help you make an informed and satisfactory decision about where and when to purchase the land.
Moreover, they will guide you through the laws and regulations, and ensure the process goes smoothly from purchasing to development.