Acquire Site Plans
Real estate investments are oftentimes complicated and require a lot of planning and research. But the rewards of such investments can be highly rewarding. In the process of real estate investment, acquiring site plans can be important to secure the required permits to move forward with the project.
A site plan is basically a scale drawing of the land showing existing physical features such as roads and buildings, proposed changes to the land, and the locations of proposed structures, utilities, parking and other installations. Building the site plan is essential to get the project approved from the various regulatory authorities.
Components of a Site Plan
Though the components of a site plan vary depending upon the jurisdiction, generally the plans may include some or all of the following components:
- A north point arrow showing the direction of the north.
- A scale or ratio to define the relative size of the elements on the plan.
- A legend or key to explain the symbols used on the plan.
- Lot lines or property lines
- Names of adjoining property owners or occupants
- Locations of existing structures such as roads, buildings, fences, power lines, utilities, and other physical features.
- Proposed structures such as buildings, sidewalks, roads, paths, fences, sidewalks, etc.
- Locations of proposed utilities, storm water management, water features, etc.
- Height of mills of proposed structures.
- The existing and proposed height of fences and walls.
- Proposed landscaping.
Reasons for Acquiring Site Plans for Real Estate Investments
Due to the restrictions imposed by the local governments, it is often important for the developers to acquire site plans before they can start with their project. Here are few of the reasons:
- To comply with the local building regulations.
- To ensure the safety and well-being of the people.
- To ensure proper zoning and land use.
- To ensure that all aspects of the construction meet codes and standards.
- To acquire the required permits.
- To accurately estimate the project cost.
- To understand the existing drainage structures and prepare for the floods.
- To identify the environmentally sensitive areas such as wetlands, riparian corridors, and floodplains.
- To get the project approved from the local government and other concerned authorities.
Finding a Good Site Plan for your Real Estate Investment
Given the importance of site plans for real estate investments, here are few tips on how to acquire a good site plan for the project:
- Look for an experienced local surveyor to draw the site plan. This can be a very long process, so help of experienced professionals can be very beneficial.
- Check with local planning, zoning and building departments for any regulations and standards that needs to be followed in the site plan preparation.
- Understand the applicable codes and standards applicable to the area and ask surveyors to develop the plan accordingly.
- Identify the high ground water table, wetlands and any other areas that may need special attention while preparing the site plan.
- Talk to the best local contractors and architects to get the exact estimates of the project cost. etc.
Importance of Accurate Site Plans for Real Estate Investments
An accurate site plan is very important for the success of any real estate investment project. Apart from the legal and regulatory aspect, it can be very beneficial in estimating and finalizing the project cost. It can also help guide architects and contractors to come up with better and more accurate design and costing of the project. A good site plan can often help reduce the project cost and ensure early completion of the project.
In conclusion, acquiring and preparing accurate site plan is a very important step in any real estate investment project. A good site plan can help secure the necessary permits, save the project cost and ensure completion on time. Therefore, it is absolutely essential to get the site plan prepared and approved before starting with the project.