Land investment processes, which have acquired a very large share in the real estate world, are based on location selection as the primary and most important factor. Choosing a place correctly also includes processes such as obtaining positive results within land development methods and creating a source of income without any problems. At the same time, if the location selection is made correctly in the real estate, the plan is formed correctly and the lands that can be supported by everything as infrastructure can be obtained.
The scope of the site selection research entirely depends on what the target of the project to be created is, the needs of this project and the level of competence of the field research. Considering that there may be different land requirements for each project, the elements of location selection in real estate are also discussed together with the evaluation processes that can be examined under different headings.
To set an example; size of parcel, suitability of soil, proximity to transportation, proximity to essential services, similar factors are very important. After the site selection criteria, which consist of many such items, are determined, the evaluation of the preferred place can be made in detail and comparisons can be made with places with similar characteristics.
Factors Considered While Choosing a Site for Real Estate
Determining the most suitable land as a location is the first factor. Being able to choose this location correctly and appropriately brings with it the opportunity to expand the purpose of land use, improved aesthetic application, the benefit for land users can be further improved, the costs of elements such as construction-operation can be reduced and the negative environmental impacts are reduced by half.
In the next process, it is possible to summarize the location selection priorities in real estate with the following items;
- Clarification of the project's target point and project requirements
- Explaining what the site selection criteria are
- Initiation of site-related data collection and analysis processes
- The process of identifying potential lands
- Choosing the most suitable one among the determined lands
- Examining the places in the same classification as an additional option
- Making the final site selection in the light of all these examinations and starting to test the project feasibility by documenting this result.
What are the Limiting Factors in Choosing a Location in the Real Estate Industry?
Physical conditions of the determined place: Evaluation of the vegetation cover of the area, geological location, topographic features, soil structure, future hazards to occur due to physical conditions,
Legal conditions of the location: The regulations and laws to which the place depends, and the necessity of examining property rights, zoning plan
Project cost of the location: Cost in permit and approval processes, design cost, engineering cost, overall construction cost, operating cost and maintenance costs
Effectual contextual factors of location: Access to utilities (water, electricity, waste treatment, etc.); access to hospital, school, police, fire department, similar units, proximity to service areas, access to transportation, climatic conditions, freedom from hazards, etc.