Property Development

Over the last few years, the trend of investing inyour development strategy and other key
land has taken a great leap forward. As a result,community issues that may surround your plans - are
property values have soared through the roof highall very important. These will also help the architect in
and are still ascending. And the popularity of propertydrawing up the project plans according to the
development is also increasing because of theplanning regulations and according to the local council's
anticipated return on investment.development process.
In fact, returns on property development are5) In order to have a successful property
considered more promising as compared to those ofdevelopment project, a survey must be completed
the stock market. Hence, when property prices arefor that particular and nearby areas, to give you a
experiencing a steady growth, property buying andclear idea of what the market bears and wants in
development are believed to be assured investments.that area. Survey data can help you understand what
This whole concept has even been a great kick-startwould sell or lease well in that area, for instance.
and boost to the business of property development.Keep in minds always that it is important to build a
When it comes to property development, developersproject that is marketable.
need to follow certain norms and sequences of steps6) Doing the math with the help of an accountant /
for managing entire projects. Important things tobookkeeper for your property development can also
keep in mind for successful results are:help you understand what the land is worth to you
1) For any project involving property development,and your business interests. These calculations should
finances most often play a major role because theinclude the total construction cost added with the
financial status largely decides the nature and visionfees of the consultants and also includes the likely
of the project.end sales values and the profit margin you want.
2) Organizing a team of consultants is of utmost7) Before starting with the actual construction of the
importance. This team can guide you on the projectsproperty development, ensure that the detailed plans
viability and can include a development manager tofrom your architect along with the working drawings
co-ordinate the entire property development process,of any contractors & subcontractors are developed
a solicitor, an architect, a surveyor along with townand meet with your approved, plus of course, obtain
planner and an estate agent to give you honestany building and other permits needed.
advice on end values and marketability.Pay the builder and other contractors /
3) The main consideration in any project of propertysubcontractors progressively after the completion of
development is the land. If you have a lot of landeach stage. This gives a proper flow to the entire
already on hand, fine and good. But if you areconstruction process and on completing the
planning to buy a piece of land then, always purchaseconstruction; the project will be inspected by the
land that has potential for development. IN otherlocal authority granting you the completion certificate
words look ahead, plan ahead. Think bigger.making your property development project ready for
4) Once, you have made a decision about thesale or lease.
purchasing of a "potential site", giving a thought to itsWhen it comes to property development, make sure
development conception is necessary. For decidingto keep good records and copies of all receipts,
upon the project concept, for example, considerestimates, bids, and other important documents.
important factors such as whether to built the landKeep everything together, too, all in one place like a
for residential or commercial use, the size of thespecial project folder, drawer or sealed box for
project, assessing the local council's policy towardshandy reference.