Land development is one of the booming business verticals as profits are massive, and demand is ever-growing in the domain. The comeback after the pandemic lull has been impressive for real estate developers. Not surprisingly, more and more entrepreneurs look forward to joining the bandwagon to make the most of the opportunity. But one thing they fail to realize is that success in the domain comes only with relentless hard work and a commitment to excellence.
From choosing the location for your projects to arranging funds and completing construction, the entire journey requires immense effort for every project. You may overlook aspects such as environmental compliance as they seem less significant. But the truth is that it is paramount to the success of any project. Let us explain why it should be a priority for land developers.
Keeps your development business on the right side of the law
Environmental due diligence entails compliance with all federal, state, and local regulations. These regulations are enforced to preserve the health of the area where projects are built. Not complying with them gets you on the wrong side of the law, which is the last thing any business owner wants to encounter. Ensure following federal regulations stringently, specifically with projects remediating contaminated sites and receiving government funds. Sticking to local regulations is equally crucial because they aim to protect the groundwater, soil, and vegetation in the area. They even determine the levels of particulate matter a project can legitimately release into the air.
Saves money for your business
Not staying ahead of the environmental recommendations can be expensive for land development companies. Imagine the pain of paying hefty penalties to authorities for missing out on legal compliance. You may face them even when non-compliance is unintentional. Local inspectors eventually discover the mistakes and penalize your business. Things may be relatively easy for the Greenfield Development projects as they encounter fewer hurdles. They are much like a blank slate compared to brownfield sites that may have toxic contaminants from prior work. Either way, it is crucial to stay ahead of the law to control project costs and stay within the budget.
Creates better developments
Another reason for land developers to prioritize environmental compliance is that enhances business through better projects. If you dig deep, you will realize that regulations are in place for a valid reason. They may help restore an over-developed area or protect a vulnerable species. They benefit developers by reducing the risks of building on contaminated soil or overlooking stormwater planning. In both situations, the project quality and the surrounding environment may suffer. Your business may face dire implications such as loss of client trust and reputational damage. Staying ahead of the law keeps your business thriving and reputable.
Land developers should think beyond profits and growth because they have an unspoken responsibility toward the environment. Following regulations to safeguard it should be a priority instead of an obligation. Although environmental due diligence may require some effort, the benefits they derive from the effort make it worthwhile.
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