We’re back for another round of property development tips!


Now, who doesn’t want to be a property developer, right? What’s sets property developers apart from those still dreaming of becoming one, is their passion, commitment, and willingness to get the work done!


Truth is, property development involves many processes and there’s no shortcut to being successful. You need to get down and dirty and educate yourself on the process of real estate projects. It’s a lot of work, but if your decisions are well-educated, it can be a rewarding venture. For this next instalment, we are listing down the 7 steps of property development – you want to be pretty well rounded in all of these!


7 Steps of Property Development


 

1.       Pre-purchase


This is where it all starts! Pre-purchase is the stage where you, the property developer, review properties based on your finance pre-approval. This is where you start conducting a feasibility study and developing a concept for the site you are considering. You should consult your expert team during this time.

You will require the services of the following to conduct a feasibility study: a solicitor who will check the sales contract, a town planning consultant to see the site’s potential development, an architect or draftsperson who will design the concept, an arborist who will work on the trees on the site that can restrict your development, and a builder, project manager or surveyor to determine the development costs.

At this stage, you might want to speak with the local planning department to find out if there are any future zoning or planning changes that could limit your development in the area. You might think your application will be straightforward, but it can be held up due to unforeseen issues.



2.       Contract Purchasing and Negotiations

 

At this stage, you will buy land at a price that will allow you to make a profit. Consider the amount you’re willing to pay and the end value of the development project. Your agent can negotiate a price for you.



3.       Town Planning and Development Approval


      This is the stage where your architect comes up with plans that are suitable to the area’s planning regulations. It can be a complex process that might require the input of a town planner, who will offer feedback during the design process, do the development application, and handle requests, objections and appeals.


      A land surveyor will also establish the title boundaries of the property. He or she will survey the neighbourhood to see how other properties affect your proposed development, consolidate titles, and come up with a subdivision plan.


Property Accountants


Are you keeping up? Hope you’ve picked up a helpful piece or two from this instalment! To avoid info overload, we’ll just talk about the next three steps of property development on the next one. Take advantage of the opportunities offered by the current property markets! We’ve been helping property investors and property developers for many years, so just give us a buzz if you want to find out how you can start your property development journey.

Hope to hear from you soon!


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