If you’re a homeowner, then you know what if feels like to be a first-time homebuyer. You know that buying a home is a massive undertaking. And you probably learned a few things that made it a lot easier to go through the process a second time.
But what if you’re looking to be a first-time builder of commercial real estate? How do you avoid making rookie mistakes that could derail your first attempt to enter such a complicated industry?
A critical early step is to acquire proper entitlement. Entitlement is a legal process that allows you to obtain pre-approvals for the right to develop property. These pre-approvals help you to ensure the project’s feasibility while up-front guidelines that help avoid costly mistakes.
The pre-approvals include areas such as zoning, rezoning, obtaining permits and easements, determining the availability of utilities and developing or redeveloping roads. You should be prepared to discuss your project with the municipality’s Planning and Development Department and meet requirements such as hearings, compliance with codes, a land review and approval of your site plan.
To make your project timely and cost-effective, you should consider hiring an experienced professionals such as architects, structural engineers, legal council, developers, project managers and consultants that can help you overcome the unique challenges of your project. You can help streamline your project by ensuring these professionals are familiar with the local jurisdictions in which you’re building.
For more information, contact The Pennsylvania Commercial Information Exchange, an online community for commercial real estate in Pennsylvania. In addition, the National Association of Realtors offers free commercial real estate monthly webinars.
At Omni Realty Group, we provide personalized service that will help you complete the project of your dreams. For additional information on commercial construction in Central Pennsylvania, call us at (717) 657-5833 or visit us online at Omni Realty Group.