Property Development Process In a Construction Project
Large scale or small scale property development need you to engage your time and effort, where you must understand the process involved before investing hard-earned cash into a deal.
Whether it is a new build or extension, it takes extensive leg work as well as preparation. Less than 50% of project duration is visible in the construction on site. And the majority of time is spent in planning, approval, financing and documentation.
How We Work:
As a hands-on developer, we employ project managers and a consultant team to help you in every step of the project. We deploy various roles and responsibilities to get the job right from the start.
We understand the roles at the beginning that involves every stage in the development process- right from the scratch to the completion.
Steps We Follow:
There are different steps that our developers follow to achieve the best possible outcome. Our developers remain flexible with the capacity to solve the problem. For each project, the process may vary, and here are steps that property developments must go through-
- Pre-Purchase: Being the first step of the development process, in this stage, you will seek out for property or blocks of land that can get approval to construct.
- Concept Stage: As soon as you find a potential site, you have to come up with the concept next. What to put on the site? How big can the construction be? Or if there is any restriction.
- Purchase: In this stage, you will be buying the land at a price, with which you can make the necessary commercial profit and make sure the project is viable.
- Building Planning: In this stage, our architects will draw the plans that will fit the relevant planning code of a certain state.
- Construction Drawing and Documentation: As soon as you receive the permit for the development plan, our engineers will document the planning. It serves 2 purposes- 1) to instruct the builder about what to build, 2) document submission for a construction certificate or as a proof of building permit.
- Pre-Construction: In this stage, you will acquire the quotes from prospective builders for the approval of the development loan. Discuss with the builders about the documents, process requirements and coordinate your timing.
- Construction: You will get on-site to build the project. Upon completion of each building stage, you will pay the builders accordingly. This stage can last anywhere between 6-12 months.
- Project Completion: Upon completion of your project, you can sell it out or put it on lease.
You must remember that just because your chosen site has development potential doesn’t mean that the project will be profitable. The only way to acquire profit from the property investment is to take feedback from the planner, civil engineer and other consultants.
So, are you heading for renovation or new building project? REACH US at 0455 075 353