A 7 Step Process Guide in Property Development
Property development has become a very popular past time for entrepreneurs and investors all over the world. With population and business growth, the market has been open for many who wants to build a facility that offers either housing or services to the public.
Many property developers are looking for basic instructions on how to make the process run smoothly. Here is a 7-step process guide on how you should go about your project.
Finding the Perfect Location
If you’re looking at prices of sites and properties, then you must already have a concept in mind. Knowing exactly what you want to offer the community will give you a better indication of how much money you are going to need.
Consult Outlook Town Planning in Sydney to find out which sites have the potential for development while choosing a location. It’s important that you are aware of any future predictions for the area. Make sure you purchase a location that has a bright future.
Once you’ve found the perfect spot, don’t hesitate for too long before buying it. Chances are someone else who is also in search of a premium location.
Affordability and Purchase
Negotiate a contract that allows you to make a profit in the future. Bear in mind not only the cost of the location but also how much the full development will cost you. Also, make sure that you calculate whether and when you’ll start making a significant profit.
Being financially pre-approved by the bank is important before you start with the process. Know exactly how much money you want to spend and how much you can borrow.
Approval for Development Plans
An architect and designer will draw up plans that should fit in with the regulations of the area you are building in. Find a trustworthy and credited town planner to help you draw up and submit applications for approval. Experienced town planners can deal with any appeals or other objections towards your applications.
Learn more about the different kinds of approvals you need for your property development project here: http://raincalcining.com/2018/01/08/property-development-what-approval-types-are-required-for-your-project/
Setting Up and Getting Ready
Once all your plans for development have been approved you are ready for final planning. It’s during this time that you need a team of engineers to confirm their designs and set up plans for building on the location.
It’s important that engineers draw up in-detail plans and drawings. These drawings will incorporate everything from the foundation of the building to sewage layout and plumbing. A well-thought-out design plan will give other contractors a better idea of what to do and how.
Hiring Construction Workers
There are loads of construction companies out there, choosing the right one for your project can be an intimidating task. The best advice you can follow is to listen to other’s recommendations. Ask colleagues, business partners or engineers, which builders they would recommend using.
Even visit properties that some of the potential construction companies have built to see their quality of work. Don’t give up quality for the sake of a better price. Paying cheaper might cost you more in the long run. Make sure you have the builder’s insurance.
For a guide on choosing the perfect construction company, click here.
Once everything is finalized and you’ve hired your contractors, the building can commence. This isn’t a time to sit back and relax. Make sure you visit the site often to check up on the builder’s progress and deal with any unforeseen problems that may pop up. Employ a quantity and quality surveyor to help you keep an eye on the process and make sure that everything is up to standard and within regulations.
Be prepared (financially and time-wise) for any unexpected fixes.
Once your building is finished you can continue on from there. It’s up to you whether you want to sell or rent. The latter will provide you with a long-term investment rather than a quick turnover.
Even though a huge project might take months and months to complete, the above 7 steps are the basic guideline. If you stick to this easy-to-follow guide while keeping a hawk-eye on the project’s process, you will be very successful in property development.