Buying Land or Development Property in Connecticut: Look Beyond the Asking Price

Buying vacant land or a development property is very different from buying an existing home or commercial building.

A property may look like a great opportunity based on its acreage and asking price, but the true value is often determined by what can actually be built there.

Before purchasing land in Connecticut, there are several important questions buyers should investigate.

What Is the Property Zoned For?

Zoning should be one of the first things you review.

Do not assume a property can be used for a particular purpose simply because neighboring properties have similar uses. Zoning regulations can affect residential density, commercial uses, building size, setbacks, parking requirements and many other aspects of development.

Are Approvals Already in Place?

There is a major difference between raw land and an approved development site.

A property with engineering completed and municipal approvals already obtained may allow a buyer to move toward construction much faster than a property requiring a full approval process.

Existing approvals, however, still need to be reviewed carefully to determine exactly what was approved and whether any conditions or deadlines apply.

What Utilities Are Available?

Water, sewer, electricity, gas and drainage can have a major impact on development costs.

If public water or sewer is not available, buyers may need to evaluate wells, septic systems and soil conditions.

Consider Access and Site Work

Road frontage, wetlands, topography, drainage and the amount of site work required can dramatically change the economics of a project.

Two similarly sized parcels can have very different development values.

Work With Someone Who Understands Development Property

Whether you are considering residential subdivision land, commercial property, redevelopment opportunities or investment real estate, the goal is to understand the complete picture before making an offer.

I work with buyers and sellers throughout Connecticut on residential, commercial, investment and land transactions.

If you are considering buying or selling development property, contact me to discuss the opportunity.

Tom Cavaliere
Coldwell Banker Realty
203-907-7800
youragenttom.com