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Wisconsin is an ideal state for new development. With vibrant metropolitan areas scattered across the state and large swaths of undeveloped, raw land in between, Wisconsin is a dream for would-be developers. Development land here is reasonable, but also likely to appreciate in the future, making it an ideal investment even if you yourself do not have immediate plans to develop it. If you are interested in the development potential here in Wisconsin, why not check out your options?
Buying development land is not terribly difficult; however, if you are unfamiliar with the process, there a multitude of considerations to be made before you make any firm commitments. If you are engaged in your first purchase of development land, enlisting the help of agents such as realtors, attorneys, accountants, engineers, drainage experts, and more can help you tremendously along the way. Make sure that the people you employ are very familiar with the local market. This is especially true of any real estate professionals you choose to employ. Realtors who are familiar with the Wisconsin market can help guide you on the ins and outs of zoning restrictions, land attributes, permit requirements, tax abatements, and more. A realtor can help you identify highly desirable development properties. He or she may also have the inside scoop on properties as they come available before other realtors are even able to put the information out on the internet, allowing you to get a head start when competing against other buyers for particular parcels of land. Realtors can also help you engage in analyzing comparable properties in the area, including the terms of any recent sales/purchases. This can be extremely useful when deciding on a fair market price for a particular parcel of land.
Before you start the process of looking for development land, make sure you have a clear idea of your goals in purchasing the land. Are you looking to establish a resort property? Does your business need land for a commercial factory? Are you interested in establishing a small, organic farm property where you will live and work? Your intended use of the land will affect the characteristics you seek as you shop for development land. For vacation properties you may be looking for scenic, natural beauty. For commercial factories, you may need property that is zoned as such. Organic farming may require land that has not been exposed to pesticides or non-organic fertilizers in the past. There may be environmental restrictions or easements that are not immediately apparent. You must be sure that your intended use of the property does not infringe on the accepted uses under these covenants. If you are purchasing development land for the purpose of investment, intending to sell it to a developer in the future, that can be even trickier as you must anticipate what the land might be used for in the future and whether such a use will work on that particular piece of land. These are but a few of the myriad of considerations you must think of, depending on your intended use of the property in the future.
Financing your purchase is also a critical part of your calculations. Interest rates right now are at historic lows, making it an excellent time to borrow money. That being said, you can always shop around for the lender willing to make you the best deal. Lenders will want to carefully analyze your development plan. They will also require extensive credit checks on both your personal finances and your business' finances. Typically lenders require a 20% down payment; however, some may require as high as 50%, so be sure you are familiar with the terms of your deal before signing on the dotted line.
It can also be important to sit down with a business planning expert to get a clear picture of how much you will be spending in development costs. These costs are often underestimated by real estate developers, increasing the likelihood that of developments failing. Development costs will include obvious amounts such as the price of the land, construction materials and construction labor; however, there are numerous costs that may not be so immediately apparent. The costs of excavating and clearing land can be astronomical depending on the complexity of the job. Land grading and proper drainage can be an added, unexpected expense as you work your way through a development project. Building permits are often costly add-ons. Property taxes may be higher than you might expect. For example, sometimes property that has been getting tax breaks due to its use as farm land, may no longer qualify for such incentives if it stops being used as farm land. This can be an unhappy surprise for a developer planning on paying taxes at the current rate. Insurance will likely be high. There can be a multitude of fees associated with hooking up the property to existing phone, electric, sewer, gas and water lines. Many times there can multiple layers of fees such as fees to the servicemen and fees to the utility company. Failing to account for all of these can leave you in the lurch if you are hit with unexpected bills. Cities and municipalities may also assess impact fees, which are known by a variety of different names. These impact fees will help fund schools and other infrastructure in the area where you are developing. There will likely be unexpected snags and expenses as you construct your development; these unforeseen expenses have the potential to derail your development project. Building some substantial cushions into your budget can help protect you and your business against nightmarish scenarios in the future.
Wisconsin is home to a wide variety of commercial success stories includes Kohl's, Oshkosh, American Family Insurance, Harley Davidson, Land's End and Kohler. The farming industry, particularly dairy farming is thriving here. The beautiful natural terrain and resources create an environment where many people want to live, work and vacation. Vibrant metropolitan cities such as the Milwaukee and Madison offer vibrant culture and nightlife. Hunting resorts and lakeshore cabins offer peaceful retreats from the hustle and bustle of modern life. While there are countless reasons to visit Wisconsin, perhaps none as quite as appealing as the outstanding outdoor recreation available here. The wildlife is nothing short of amazing in the forests and along the shorelines of one of Wisconsin's many lakes. Whether you like to hunt, hike, canoe, fish, swim, boat, ski or sail, Wisconsin is sure to be a premier destination for fans of the Great Outdoors! Not to mention, land in Wisconsin is fairly reasonable, especially when compared with other areas of the country. With all that Wisconsin has to offer, it is an ideal place for would-be real estate developers to embark on new projects. If you are considering the possibilities Wisconsin development land has to offer, why not set up an appointment to meet with a real estate specialist from LandBin.com today? Chances are they can help you identify the perfect property for your development project here in the great state of Wisconsin!