The city of Westminster in California has seen progressive growth in economy and population over the past decade. In 2013, the population was reported to be at nearly 92,000, and growing. The median family income was $57,262, with the majority of the economy coming from sales, office jobs, transportation, and materials production. Predictions for growth of employment over the following decade is just under 40%, creating a primed canvas on which to start a new business venture.
The continued growth of the city has created the need for more residential areas, and the development and sale of land has been on the rise over the past few years. This is good news for newcomers or residents seeking to stake their claim on a new portion of Westminster. Landowners can use their purchase for income properties, residential, industrial properties, or retail locations based on the zones in which they are purchased and the permits acquired.
Before you decide to rent or buy, you should know exactly what you will be using the land for. This helps your realtor find one that will work well for your purpose, and doesn’t leave you in a lurch if the permits don’t come through later on.
Westminster Land for Sale & Lease
Buying or leasing land in Westminster can be quite lucrative for the right individual. There are many uses for these properties, including the following:
- Residential – Land in residential zones can be developed into houses or apartment buildings, depending on the permits and zoning regulations. These are things that you should check out before buying, or signing a lease. Residential properties are not always simply a living solution, but can also be utilized as an income property. A duplex, townhouse, or multilevel home separated into flats can be lived in, or rented out to tenants. This helps pay off the mortgage quickly and efficiently. Things to consider when developing multifamily homes is resell value, and current supply and demand in the area.
- Retail – Not all land can be used for retail purposes, even if you’ve paid out of pocket for it. Before paying your deposit, be sure to make a visit, or place a call to the Westminster city government to unearth past documentation on the land, and learn whether it is in a retail friendly zone. Even if it can be used for retail, you’ll need to define whether you can sell food, drinks, or simply products. A commercial realtor can be a big help here, so it this is your hope for the ultimate use of your new land, consult with an agent as soon as possible.
- Industrial and Commercial: Like retail properties, an industrial site will need to be properly zoned, especially if you will be using the area for a warehouse that may work with toxins, chemicals, or heavy metals. Again, a call to your local government that point you in the right direction as to where the best land is located for these options.
Whatever the reason for your new land, you’ll want to decide whether you can afford to buy, or if leasing is a better option for your financial standing.
Westminster Land for Sale
Westminster land price will be determined by the cost of surrounding areas, the square footage of a plot, as well as the type of zoning it is in, in terms of building options. The average cost of land within the city is $80,000 to $800,000, which is very reasonable when compared to other Orange County locales, and their average selling price.
Building permits can be acquired through the government, and FAQs are available on the city’s official website. Prices fluctuate for building costs in Westminster, but the average price per square foot when building a house in the state of California is evaluated at $150. This is higher than other states, but not unreasonable, considering the return investment on houses within the area.
Industrial or retail buildings will have different price points, and will depend on the materials used and the type of building being constructed. Speaking to a realtor and a construction company would be the best way to get an accurate estimate in Westminster if you plan on putting something other than a house on your new land.
Westminster Land for Lease
Leasing land in Westminster is a little more complicated than buying. Most land that are available for lease are already home to some sort of building. This means that you’ll also be investing in the house, apartment complex, warehouse, or retail property which is on the site. Fortunately, this also provides a buffer between you and the cost of maintenance and upkeep, which is sometimes covered by the property owner. This will vary from contract to contract, so be sure to read the fine print, and be open to haggling over details.