Development and New Build City Lot Questions
For anybody currently buying vacant lots in the Philly area, what are a couple of the most important things you look for? Nothing is off limits.
Most Popular Reply
I'm not a buyer in the Philly area, but since nobody else has answered yet I'll take a shot. These aren't Philly specific, but anyone buying vacant land with the intent of developing should be asking similar questions...
Generic questions: 1) What is the area/neighborhood like? 2) What are comps/rental incomes of similar, finished properties in the area?
Development specific questions: 1) Is it zoned for whatever I want to build there? (single family? multifamily? commercial? etc.) 2) Are there any easements that would impede building? 3) Is the lot large enough to meet local setback requirements? 4) Are roads/utilities nearby? 5) Is new construction cheaper than buying existing and rehabbing in this area?
Hope this helps!