A developer who buys up large plots of land in order to construct new residential homes and apartments for rent should call an urban planner or engineer first, to assist with their planning. An urban planner can note how to best develop that area in order to accommodate new families, new traffic patterns, and the like. Note a few factors such a planner may point out when it comes to your development, so you can adjust plans accordingly and ensure your development is financially successful for years to come.
Age of residents
The median age of residents you can expect in your new residential development may affect your overall plans. For example, if you want to build an apartment complex, these units might attract singles and those who haven't yet started a family, and these ones may be more likely to move out and move on rather than stay in an apartment for years. In turn, you need to ensure your development will always work to attract new tenants, with updated features and amenities.
If you want to build residential rental homes, this can mean long-term tenants, but the surrounding area should appeal to families who are likely to be renting such homes. In turn, it's important to include playgrounds, sidewalks, and schools for children in your development.
If the median age of that particular area is older, these residents might need stores and pharmacies more conveniently located to home. An urban planner can work with the city to increase bus stops by your development, or to change zoning laws so these types of businesses might construct new stores in that area.
As with the median age of those who may be interested in your rental properties, the median income is also important; this will affect the type of property that is expected in your neighbourhood, and which will thrive financially. If the area has a higher median income than others, your tenants may expect the neighbourhood to offer dining, nightlife, and other attractions.
If the median income of the area of your development is lower, you may need to adjust the size of each rental unit so you can price them accordingly. Lower income individuals may also need to rely on public transportation, so more bus stops may be needed in or near your development. As said above, an urban planner can work with city commissioners and boards to encourage certain businesses to open in your area, and to rework bus routes to accommodate your new tenants.Share
8 May 2017
Welcome to my blog, my name is Blake and from now on, I will be writing a series of blogs which will deal with the process of finding and working with contractors when constructing a new building. I am not a construction specialist but last summer I gained a lot of experience in this area when I hired a team of 32 contractors to build a holiday home. When hiring contractors, it is important that you understand how to communicate with them and their ways of working. Below are a series of blogs which will help you to find the best contractors.