Land is the biggest limiting factor in real estate development. It’s the one thing no one is making more of. While there is still plenty of undeveloped rural land, there is plenty of land that has been developed and since abandoned.
Most land, with a few exceptions, can be repurposed with far less environmental impact than clearing and developing new pieces of land.
In the United States in particular, city landscapes have seen a trend of expansion and abandonment that has led to urban sprawl. In recent years, governments have started to provide incentives for property development that uses previously developed land. Grants and tax breaks provide benefits to those planning property development but also the local government benefits when less property sits vacant or derelict.
Property development that seeks to reuse something established can take one of two routes: the developer can demolish the original structure and build from the ground up, or they can renovate the existing structure to bring it up to code and fit it to the needs of the new inhabitants. Working with an existing building offers the unique opportunity to work with the characteristics and history of that building.
On the other hand, there is a caveat to using older buildings. Making sure that the building is up to code is vital in the decision of whether or not that building will work for your business needs. Be sure to make sure all wiring is up to date and that there is no presence of harsh chemicals that could cause a safety issue. State and local governments will help you arrange inspections to remove any doubt.
In North Carolina, there are many incentives to make land reuse appealing for property development. The North Carolina Department of Commerce offers grants and loans for businesses that aim to create full-time jobs. Grants and assistance are also available for property development that seeks to restore older buildings and structures.
When looking into property development, consider reusing a location that has been abandoned or otherwise rendered vacant. The cost of using an existing development is likely going to be far less than zoning and developing on new land, and it benefits the community, too.
Empty buildings are unpleasant to look at and can affect the value of nearby property. Restoring them and breathing life into an area will ultimately benefit that area by bringing in jobs and new vitality. Take advantage of grants and tax breaks, make your business look good, and empower the community through revitalization.
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